Huntington Bancshares Incorporated (HBAN) Earns “Buy” Rating from Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their buy rating on shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) in a report released on Tuesday. The firm currently has a $15.50 target price on the bank’s stock.
A number of other equities research analysts have also issued reports on HBAN. Keefe, Bruyette & Woods set a $14.00 target price on Huntington Bancshares and gave the company a hold rating in a research report on Saturday, June 24th. BidaskClub lowered Huntington Bancshares from a hold rating to a sell rating in a research report on Tuesday, June 27th. Deutsche Bank AG reissued a buy rating on shares of Huntington Bancshares in a research report on Monday, July 3rd. Morgan Stanley reissued an equal weight rating and issued a $14.25 target price (up previously from $13.75) on shares of Huntington Bancshares in a research report on Friday, July 7th. Finally, Instinet reissued a buy rating and issued a $16.00 target price (up previously from $15.00) on shares of Huntington Bancshares in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $15.06.
Huntington Bancshares (NASDAQ:HBAN) traded up 1.50% during trading on Tuesday, reaching $14.19. The company had a trading volume of 8,030,500 shares. Huntington Bancshares has a 52-week low of $9.95 and a 52-week high of $14.74. The company has a 50 day moving average price of $13.36 and a 200 day moving average price of $13.13. The company has a market capitalization of $15.47 billion, a PE ratio of 19.65 and a beta of 1.38.
Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the business posted $0.19 EPS. On average, equities analysts forecast that Huntington Bancshares will post $0.92 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 18th will be given a dividend of $0.11 per share. This is a positive change from Huntington Bancshares’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, December 15th. This represents a $0.44 annualized dividend and a dividend yield of 3.10%. Huntington Bancshares’s payout ratio is 46.38%.
Huntington Bancshares declared that its board has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $308.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, EVP Nicholas G. Stanutz sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $12.71, for a total transaction of $203,360.00. Following the transaction, the executive vice president now directly owns 447,722 shares of the company’s stock, valued at approximately $5,690,546.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard W. Neu bought 2,450 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were acquired at an average cost of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the acquisition, the director now directly owns 184,596 shares in the company, valued at approximately $2,418,207.60. The disclosure for this purchase can be found here. 1.30% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Nationwide Fund Advisors increased its holdings in shares of Huntington Bancshares by 430.6% during the 2nd quarter. Nationwide Fund Advisors now owns 1,620,866 shares of the bank’s stock worth $21,914,000 after acquiring an additional 1,315,390 shares during the last quarter. Budros Ruhlin & Roe Inc. increased its holdings in shares of Huntington Bancshares by 57.9% during the 2nd quarter. Budros Ruhlin & Roe Inc. now owns 42,263 shares of the bank’s stock worth $571,000 after acquiring an additional 15,501 shares during the last quarter. First National Bank of Omaha increased its holdings in shares of Huntington Bancshares by 0.6% during the 2nd quarter. First National Bank of Omaha now owns 312,098 shares of the bank’s stock worth $4,219,000 after acquiring an additional 1,844 shares during the last quarter. IBM Retirement Fund increased its holdings in shares of Huntington Bancshares by 121.4% during the 2nd quarter. IBM Retirement Fund now owns 26,505 shares of the bank’s stock worth $401,000 after acquiring an additional 14,533 shares during the last quarter. Finally, Exchange Capital Management Inc. increased its holdings in shares of Huntington Bancshares by 96.4% during the 2nd quarter. Exchange Capital Management Inc. now owns 66,824 shares of the bank’s stock worth $903,000 after acquiring an additional 32,792 shares during the last quarter. 73.99% of the stock is currently owned by institutional investors and hedge funds.
About Huntington Bancshares
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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