Keefe, Bruyette & Woods set a $14.00 target price on Huntington Bancshares Incorporated (NASDAQ:HBAN) in a report issued on Friday morning. The brokerage currently has a hold rating on the bank’s stock.
Several other analysts have also recently issued reports on HBAN. Piper Jaffray Companies raised Huntington Bancshares from a neutral rating to an overweight rating and upped their price objective for the stock from $14.00 to $15.00 in a report on Friday. BidaskClub cut Huntington Bancshares from a hold rating to a sell rating in a report on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a buy rating and set a $16.00 price objective on shares of Huntington Bancshares in a report on Thursday, July 27th. BMO Capital Markets reaffirmed a buy rating and set a $16.00 price objective on shares of Huntington Bancshares in a report on Friday, June 9th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $14.25 price objective (up from $13.75) on shares of Huntington Bancshares in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $14.96.
Huntington Bancshares (NASDAQ:HBAN) opened at 12.96 on Friday. Huntington Bancshares has a 1-year low of $9.40 and a 1-year high of $14.74. The stock has a market capitalization of $14.13 billion, a P/E ratio of 17.95 and a beta of 1.37. The firm’s 50 day moving average is $13.37 and its 200 day moving average is $13.32.
Huntington Bancshares (NASDAQ:HBAN) last issued its quarterly earnings data 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. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Huntington Bancshares had a return on equity of 11.39% and a net margin of 18.41%. During the same period in the prior year, the firm earned $0.19 EPS. On average, equities research analysts anticipate that Huntington Bancshares will post $0.92 earnings per share for the current year.
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Huntington Bancshares announced that its board has authorized a share repurchase program on Wednesday, June 28th that allows the company to repurchase $308.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 18th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 15th. This represents a $0.32 dividend on an annualized basis and a yield of 2.47%. Huntington Bancshares’s payout ratio is 46.38%.
In other Huntington Bancshares news, Director Richard W. Neu bought 2,450 shares of Huntington Bancshares stock in a transaction on Friday, July 28th. The shares were acquired at an average price of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the purchase, the director now directly owns 184,596 shares in the company, valued at approximately $2,418,207.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Stephen D. Steinour bought 50,000 shares of Huntington Bancshares stock in a transaction on Thursday, May 18th. The stock was acquired at an average price of $12.40 per share, for a total transaction of $620,000.00. Following the purchase, the chief executive officer now owns 3,891,831 shares of the company’s stock, valued at $48,258,704.40. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Huntington Bancshares by 2.4% in the second quarter. Vanguard Group Inc. now owns 109,990,274 shares of the bank’s stock worth $1,487,068,000 after buying an additional 2,558,854 shares during the last quarter. FMR LLC raised its stake in Huntington Bancshares by 21.4% in the first quarter. FMR LLC now owns 98,004,607 shares of the bank’s stock worth $1,312,281,000 after buying an additional 17,263,771 shares during the last quarter. BlackRock Inc. raised its stake in Huntington Bancshares by 2,879.7% in the first quarter. BlackRock Inc. now owns 68,761,543 shares of the bank’s stock worth $920,719,000 after buying an additional 66,453,890 shares during the last quarter. Capital International Investors raised its stake in Huntington Bancshares by 22.6% in the second quarter. Capital International Investors now owns 43,919,215 shares of the bank’s stock worth $593,788,000 after buying an additional 8,101,400 shares during the last quarter. Finally, Boston Partners raised its stake in Huntington Bancshares by 29.5% in the first quarter. Boston Partners now owns 34,218,873 shares of the bank’s stock worth $458,191,000 after buying an additional 7,804,639 shares during the last quarter. Institutional investors and hedge funds own 74.54% of the company’s stock.
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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