Zacks Investment Research lowered shares of Huntington Bancshares (NASDAQ:HBAN) from a hold rating to a sell rating in a research note released on Monday morning.
According to Zacks, “Shares of Huntington have underperformed the industry over the past three months. Also, estimates have been stable lately ahead of the company’s fourth quarter 2018 earnings release. However, the company possesses a decent earnings surprise history, beating the Zacks Consensus Estimate in two of the trailing four quarters and in-line results in the remaining two. 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 over the long run. However, consistent rise in cost base continues to deter bottom-line growth. Also, unsustainable capital-deployment activities keep us apprehensive. Further, significant exposure to commerial loans remains a concern.”
HBAN has been the subject of several other research reports. Nomura reiterated a neutral rating and issued a $15.00 price target on shares of Huntington Bancshares in a research report on Tuesday, November 13th. ValuEngine upgraded shares of Huntington Bancshares from a sell rating to a hold rating in a research report on Monday, November 12th. BidaskClub downgraded shares of Huntington Bancshares from a sell rating to a strong sell rating in a research report on Tuesday, December 18th. Wedbush cut shares of Huntington Bancshares from an outperform rating to a neutral rating and dropped their price objective for the company from $18.00 to $16.00 in a research note on Friday, November 2nd. Finally, BMO Capital Markets dropped their price objective on shares of Huntington Bancshares from $17.00 to $15.00 and set a market perform rating on the stock in a research note on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. Huntington Bancshares has a consensus rating of Hold and a consensus target price of $16.97.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings data on Tuesday, October 23rd. The bank reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.15 billion. Huntington Bancshares had a net margin of 29.13% and a return on equity of 13.73%. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. As a group, equities research analysts predict that Huntington Bancshares will post 1.22 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Tuesday, December 18th were given a $0.14 dividend. The ex-dividend date was Monday, December 17th. This represents a $0.56 annualized dividend and a dividend yield of 4.47%. Huntington Bancshares’s dividend payout ratio is presently 57.14%.
In other Huntington Bancshares news, insider Helga Houston sold 42,608 shares of the company’s stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $14.66, for a total value of $624,633.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Stephen D. Steinour bought 17,493 shares of Huntington Bancshares stock in a transaction on Thursday, October 25th. The stock was purchased at an average price of $13.48 per share, for a total transaction of $235,805.64. Following the completion of the acquisition, the chief executive officer now owns 4,768,399 shares in the company, valued at approximately $64,278,018.52. The disclosure for this purchase can be found here. 1.05% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Moody National Bank Trust Division lifted its holdings in shares of Huntington Bancshares by 43.8% during the 4th quarter. Moody National Bank Trust Division now owns 4,191 shares of the bank’s stock worth $50,000 after acquiring an additional 1,276 shares during the period. Chesley Taft & Associates LLC grew its position in Huntington Bancshares by 176.1% in the fourth quarter. Chesley Taft & Associates LLC now owns 135,090 shares of the bank’s stock valued at $1,610,000 after acquiring an additional 86,165 shares in the last quarter. Fulton Bank N.A. acquired a new stake in Huntington Bancshares in the fourth quarter valued at approximately $852,000. Federated Investors Inc. PA grew its position in Huntington Bancshares by 10.0% in the third quarter. Federated Investors Inc. PA now owns 78,843 shares of the bank’s stock valued at $1,176,000 after acquiring an additional 7,180 shares in the last quarter. Finally, Carnegie Capital Asset Management LLC grew its position in Huntington Bancshares by 34.1% in the third quarter. Carnegie Capital Asset Management LLC now owns 534,340 shares of the bank’s stock valued at $7,907,000 after acquiring an additional 135,842 shares in the last quarter. Institutional investors and hedge funds own 76.74% of the company’s stock.
About Huntington Bancshares
Huntington Bancshares Incorporated operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services. The company operates through four business segments: Consumer and Business Banking, Commercial Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group (RBHPCG).
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