Huntington Bancshares (NASDAQ:HBAN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Shares of Huntington have outperformed the industry over the past six months. Yet, the company doesn’t have a decent earnings surprise history. It surpassed the Zacks Consensus Estimate in one of the trailing four quarters. With the Fed rate hikes, margin pressure for the company finally seems to be easing. Moreover, rising loans and deposits along with improved credit quality are tailwinds. Also, the company's strong liquidity position keeps it well poised to expand through strategic initiatives, which will support profitability in the long run. However, increasing cost base continues to deter bottom-line growth. Also, unsustainable capital deployment activities keep us apprehensive.”
A number of other research analysts also recently weighed in on the company. Morgan Stanley upped their target price on Huntington Bancshares from $14.50 to $16.50 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Hilliard Lyons upgraded Huntington Bancshares from a “neutral” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Friday, February 9th. BidaskClub upgraded Huntington Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. Vining Sparks restated a “buy” rating and issued a $19.00 price target on shares of Huntington Bancshares in a research note on Tuesday, January 23rd. Finally, Barclays upped their price target on Huntington Bancshares from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Huntington Bancshares presently has an average rating of “Buy” and an average target price of $16.98.
Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Tuesday, January 23rd. The bank reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. Huntington Bancshares had a return on equity of 12.12% and a net margin of 25.02%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the business earned $0.18 EPS. analysts expect that Huntington Bancshares will post 1.21 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in HBAN. New York State Common Retirement Fund lifted its position in Huntington Bancshares by 2.0% in the 3rd quarter. New York State Common Retirement Fund now owns 2,354,300 shares of the bank’s stock valued at $32,866,000 after acquiring an additional 47,000 shares in the last quarter. Virginia Retirement Systems ET AL lifted its position in Huntington Bancshares by 16.5% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 82,600 shares of the bank’s stock valued at $1,153,000 after acquiring an additional 11,700 shares in the last quarter. WINTON GROUP Ltd lifted its position in Huntington Bancshares by 34.4% in the 3rd quarter. WINTON GROUP Ltd now owns 25,942 shares of the bank’s stock valued at $362,000 after acquiring an additional 6,635 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its position in Huntington Bancshares by 62.3% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 23,970 shares of the bank’s stock valued at $335,000 after acquiring an additional 9,200 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in Huntington Bancshares by 1.8% in the 3rd quarter. Stifel Financial Corp now owns 298,891 shares of the bank’s stock valued at $4,168,000 after acquiring an additional 5,256 shares in the last quarter. 73.91% of the stock is currently owned by institutional investors and hedge funds.
Huntington Bancshares Company Profile
Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.
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