Huntington Bancshares (NASDAQ:HBAN) Rating Lowered to Neutral at DA Davidson

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DA Davidson cut shares of Huntington Bancshares (NASDAQ:HBAN) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. The firm currently has $16.00 price objective on the bank’s stock. The analysts noted that the move was a valuation call.

Several other brokerages also recently weighed in on HBAN. Zacks Investment Research upgraded shares of Huntington Bancshares from a sell rating to a hold rating in a research note on Tuesday, May 21st. Argus began coverage on shares of Huntington Bancshares in a research note on Friday, May 31st. They set a hold rating for the company. Nomura set a $14.00 price objective on shares of Huntington Bancshares and gave the company a hold rating in a research report on Friday, July 26th. BMO Capital Markets downgraded shares of Huntington Bancshares from a market perform rating to an underperform rating and set a $14.00 price objective for the company. in a research report on Monday, July 8th. Finally, Raymond James set a $14.00 price objective on shares of Huntington Bancshares and gave the company a buy rating in a research report on Thursday, August 29th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $15.48.

Shares of HBAN opened at $14.75 on Friday. Huntington Bancshares has a fifty-two week low of $11.12 and a fifty-two week high of $16.06. The company has a market capitalization of $15.20 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.60 and a beta of 1.44. The firm has a 50-day simple moving average of $13.34 and a 200-day simple moving average of $13.47. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.90 and a current ratio of 0.90.

Huntington Bancshares (NASDAQ:HBAN) last announced its earnings results on Thursday, July 25th. The bank reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. Huntington Bancshares had a net margin of 25.77% and a return on equity of 14.23%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities research analysts forecast that Huntington Bancshares will post 1.3 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.07%. This is an increase from Huntington Bancshares’s previous quarterly dividend of $0.14. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.67%.

In related news, EVP Nancy E. Maloney sold 2,604 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $14.57, for a total value of $37,940.28. Following the completion of the sale, the executive vice president now owns 80,103 shares in the company, valued at $1,167,100.71. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.22% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. Cornerstone Advisors Inc. increased its holdings in Huntington Bancshares by 106.5% in the second quarter. Cornerstone Advisors Inc. now owns 2,305 shares of the bank’s stock valued at $32,000 after buying an additional 1,189 shares in the last quarter. Trustcore Financial Services LLC purchased a new position in Huntington Bancshares in the first quarter valued at about $39,000. HM Payson & Co. purchased a new position in Huntington Bancshares in the second quarter valued at about $40,000. CSat Investment Advisory L.P. increased its holdings in Huntington Bancshares by 155.7% in the second quarter. CSat Investment Advisory L.P. now owns 3,759 shares of the bank’s stock valued at $52,000 after buying an additional 2,289 shares in the last quarter. Finally, Bremer Bank National Association purchased a new position in Huntington Bancshares in the first quarter valued at about $53,000. Hedge funds and other institutional investors own 75.13% 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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Analyst Recommendations for Huntington Bancshares (NASDAQ:HBAN)

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