Wells Fargo & Company Cuts Huntington Bancshares (NASDAQ:HBAN) Price Target to $21.00

Huntington Bancshares (NASDAQ:HBAN) had its target price cut by Wells Fargo & Company from $23.00 to $21.00 in a report published on Wednesday morning, Marketbeat Ratings reports. They currently have an overweight rating on the bank’s stock.

Several other research firms have also recently weighed in on HBAN. Truist Financial boosted their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Morgan Stanley restated an “equal weight” rating and issued a $19.00 target price (down from $21.00) on shares of Huntington Bancshares in a report on Friday, July 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $21.00 target price on shares of Huntington Bancshares in a research report on Tuesday, August 18th. Stephens decreased their target price on shares of Huntington Bancshares from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Friday, July 24th. Finally, Bank of America reissued a “neutral” rating and set a $18.50 price target (down from $20.00) on shares of Huntington Bancshares in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Huntington Bancshares has a consensus rating of “Moderate Buy” and an average target price of $20.11.

Huntington Bancshares Price Performance

NASDAQ HBAN opened at $15.88 on Wednesday. Huntington Bancshares has a one year low of $14.89 and a one year high of $19.45. The stock has a 50-day moving average of $17.25 and a 200 day moving average of $16.71. The company has a market capitalization of $32.08 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.91 and a current ratio of 0.92.

Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Thursday, July 23rd. The bank reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Huntington Bancshares had a net margin of 16.64% and a return on equity of 11.19%. During the same quarter in the prior year, the business earned $0.34 EPS. Huntington Bancshares has set its FY 2026 guidance at 1.900-1.930 EPS. On average, sell-side analysts forecast that Huntington Bancshares will post 1.53 EPS for the current year.

Huntington Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be given a $0.155 dividend. The ex-dividend date is Thursday, September 17th. This represents a $0.62 dividend on an annualized basis and a yield of 3.9%. Huntington Bancshares’s dividend payout ratio is presently 48.06%.

Insider Activity

In related news, insider Kendall A. Kowalski sold 27,971 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $17.20, for a total value of $481,101.20. Following the completion of the sale, the insider directly owned 70,025 shares of the company’s stock, valued at approximately $1,204,430. This represents a 28.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marcy C. Hingst sold 10,568 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $18.00, for a total transaction of $190,224.00. Following the sale, the executive vice president owned 267,859 shares in the company, valued at approximately $4,821,462. The trade was a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.67% of the stock is owned by company insiders.

Institutional Trading of Huntington Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Huntington Bancshares in the second quarter valued at about $3,134,426,000. Norges Bank bought a new position in shares of Huntington Bancshares in the fourth quarter worth about $432,584,000. Bank of America Corp DE purchased a new stake in shares of Huntington Bancshares during the second quarter worth about $256,772,000. Bank of New York Mellon Corp purchased a new stake in shares of Huntington Bancshares during the second quarter worth about $229,246,000. Finally, Legal & General Group Plc bought a new stake in Huntington Bancshares during the 2nd quarter valued at approximately $213,096,000. 80.72% of the stock is owned by hedge funds and other institutional investors.

Huntington Bancshares Company Profile

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary, The Huntington National Bank, provides banking and financial services to consumers, businesses, institutions and government entities.

The company offers consumer and commercial deposit accounts, lending products, mortgage banking, wealth management, investment services, insurance, payment solutions and treasury management. Its lending activities include residential mortgages, auto loans, consumer credit, small-business financing and commercial loans.

Founded in 1866, Huntington serves customers through branches, digital banking channels and business offices across the Midwest and other selected markets.