Huntington Bancshares (NASDAQ:HBAN) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Huntington Bancshares (NASDAQ:HBAN) announced its earnings results on Friday. The bank reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03, Briefing.com reports. The firm had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $1.74 billion. Huntington Bancshares had a return on equity of 12.96% and a net margin of 18.00%. During the same quarter in the prior year, the company earned $0.38 EPS.

Huntington Bancshares Price Performance

Shares of HBAN traded up $0.10 during trading hours on Friday, hitting $13.28. The stock had a trading volume of 39,981,446 shares, compared to its average volume of 14,462,811. Huntington Bancshares has a 52 week low of $9.13 and a 52 week high of $14.07. The stock has a market capitalization of $19.26 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 2.47 and a beta of 1.11. The company’s fifty day moving average is $13.27 and its two-hundred day moving average is $12.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.87 and a quick ratio of 0.87.

Huntington Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 4.67%. Huntington Bancshares’s dividend payout ratio is presently 55.86%.

Insider Activity at Huntington Bancshares

In other Huntington Bancshares news, insider Helga Houston sold 28,700 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $13.17, for a total transaction of $377,979.00. Following the sale, the insider now directly owns 568,222 shares of the company’s stock, valued at $7,483,483.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Julie C. Tutkovics sold 15,541 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $12.68, for a total transaction of $197,059.88. Following the transaction, the vice president now owns 303,455 shares in the company, valued at approximately $3,847,809.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Helga Houston sold 28,700 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $13.17, for a total transaction of $377,979.00. Following the sale, the insider now directly owns 568,222 shares in the company, valued at approximately $7,483,483.74. The disclosure for this sale can be found here. Insiders sold 102,241 shares of company stock valued at $1,360,359 in the last ninety days. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Huntington Bancshares

Institutional investors have recently modified their holdings of the stock. O Dell Group LLC acquired a new stake in Huntington Bancshares during the 4th quarter worth $110,000. CENTRAL TRUST Co grew its position in shares of Huntington Bancshares by 46.2% in the 3rd quarter. CENTRAL TRUST Co now owns 7,641 shares of the bank’s stock valued at $101,000 after purchasing an additional 2,415 shares during the period. Covestor Ltd lifted its stake in Huntington Bancshares by 70.3% in the first quarter. Covestor Ltd now owns 6,407 shares of the bank’s stock valued at $94,000 after buying an additional 2,644 shares in the last quarter. State of Wyoming increased its position in shares of Huntington Bancshares by 30.7% during the second quarter. State of Wyoming now owns 6,721 shares of the bank’s stock worth $72,000 after acquiring an additional 1,578 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Huntington Bancshares in the 4th quarter valued at $58,000. 80.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stephens reissued an “equal weight” rating and issued a $15.00 price objective on shares of Huntington Bancshares in a research report on Monday, April 1st. Evercore ISI increased their price target on shares of Huntington Bancshares from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Barclays upgraded shares of Huntington Bancshares from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $12.00 to $15.00 in a research report on Tuesday, January 2nd. Bank of America raised shares of Huntington Bancshares from a “neutral” rating to a “buy” rating and upped their price objective for the company from $14.00 to $16.00 in a research report on Monday, April 8th. Finally, Citigroup lifted their target price on Huntington Bancshares from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Huntington Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.97.

About Huntington Bancshares

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services in the United States. The company offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services.