Huntington Bancshares (NASDAQ:HBAN) Releases Quarterly Earnings Results, Hits Expectations

Huntington Bancshares (NASDAQ:HBAN) released its quarterly earnings data on Thursday. The bank reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38, FiscalAI reports. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.82 billion. Huntington Bancshares had a net margin of 16.64% and a return on equity of 11.19%. During the same quarter in the previous year, the business earned $0.41 EPS.

Huntington Bancshares Stock Up 0.2%

HBAN opened at $15.76 on Thursday. The business has a 50 day moving average of $16.20 and a 200-day moving average of $16.66. The stock has a market capitalization of $31.83 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 0.99 and a beta of 0.95. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.63. Huntington Bancshares has a 1-year low of $14.82 and a 1-year high of $19.45.

Insider Transactions at Huntington Bancshares

In related news, insider Kendall Kowalski sold 27,971 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $17.20, for a total transaction of $481,101.20. Following the transaction, the insider owned 70,025 shares of the company’s stock, valued at approximately $1,204,430. The trade was a 28.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on HBAN shares. Jefferies Financial Group lowered their target price on shares of Huntington Bancshares from $18.00 to $17.00 and set a “hold” rating on the stock in a research report on Thursday, September 24th. Robert W. Baird upped their price target on Huntington Bancshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. TD Cowen began coverage on Huntington Bancshares in a report on Thursday, October 8th. They set a “buy” rating and a $18.00 price objective on the stock. Keefe, Bruyette & Woods lowered their price objective on Huntington Bancshares from $19.50 to $18.00 and set a “market perform” rating on the stock in a report on Tuesday, October 6th. Finally, JPMorgan Chase & Co. cut their price objective on Huntington Bancshares from $19.50 to $17.50 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.19.

About Huntington Bancshares

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’s offerings include checking and savings accounts, consumer and residential lending, credit cards, auto finance, mortgages, commercial loans, treasury management, investment and wealth management services, insurance, and other financial solutions.