Huntington Bancshares Incorporated (NASDAQ:HBAN) Stock Rating Reaffirmed by Royal Bank Of Canada
Royal Bank Of Canada reaffirmed their buy rating on shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) in a research note issued to investors on Thursday morning. They currently have a $16.00 target price on the bank’s stock.
Several other research firms also recently issued reports on HBAN. BidaskClub raised shares of Huntington Bancshares from a sell rating to a hold rating in a research note on Wednesday, July 5th. BMO Capital Markets reaffirmed a buy rating and set a $16.00 price target on shares of Huntington Bancshares in a research note on Friday, June 9th. Instinet reaffirmed a buy rating and set a $16.00 price target (up previously from $15.00) on shares of Huntington Bancshares in a research note on Wednesday, July 12th. Morgan Stanley dropped their price target on shares of Huntington Bancshares from $14.00 to $13.75 and set an equal weight rating on the stock in a research note on Tuesday, June 6th. Finally, Hilliard Lyons raised shares of Huntington Bancshares from a neutral rating to a buy rating and lifted their price target for the stock from $14.00 to $15.00 in a research note on Monday, July 24th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Huntington Bancshares presently has an average rating of Buy and a consensus price target of $14.90.
Huntington Bancshares (NASDAQ HBAN) opened at 13.17 on Thursday. The firm has a market cap of $14.36 billion, a P/E ratio of 18.24 and a beta of 1.37. Huntington Bancshares has a 52 week low of $9.20 and a 52 week high of $14.74. The company’s 50 day moving average is $13.38 and its 200-day moving average is $13.33.
Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm posted $0.19 EPS. Equities analysts expect that Huntington Bancshares will post $0.92 earnings per share for the current year.
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Huntington Bancshares declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $308.00 million in shares. This repurchase authorization allows the bank to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 18th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, September 15th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 46.38%.
In other news, EVP Paul G. Heller sold 35,720 shares of Huntington Bancshares stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $12.93, for a total value of $461,859.60. Following the completion of the transaction, the executive vice president now directly owns 443,883 shares of the company’s stock, valued at approximately $5,739,407.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Neu purchased 2,450 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was acquired at an average cost of $13.10 per share, with a total value 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. Insiders bought a total of 67,940 shares of company stock valued at $852,226 over the last ninety days. Company insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Exchange Capital Management Inc. raised its position in Huntington Bancshares by 96.4% in the second quarter. Exchange Capital Management Inc. now owns 66,824 shares of the bank’s stock valued at $903,000 after buying an additional 32,792 shares during the period. CIBC Asset Management Inc raised its position in Huntington Bancshares by 1.6% in the second quarter. CIBC Asset Management Inc now owns 115,356 shares of the bank’s stock valued at $1,560,000 after buying an additional 1,788 shares during the period. Janney Montgomery Scott LLC raised its position in Huntington Bancshares by 55.9% in the second quarter. Janney Montgomery Scott LLC now owns 347,637 shares of the bank’s stock valued at $4,700,000 after buying an additional 124,633 shares during the period. Janney Capital Management LLC raised its position in Huntington Bancshares by 0.6% in the second quarter. Janney Capital Management LLC now owns 29,185 shares of the bank’s stock valued at $394,000 after buying an additional 179 shares during the period. Finally, First Merchants Corp raised its position in Huntington Bancshares by 7.5% in the second quarter. First Merchants Corp now owns 198,122 shares of the bank’s stock valued at $2,679,000 after buying an additional 13,750 shares during the period. 75.26% of the stock is 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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