Wedbush Equities Analysts Reduce Earnings Estimates for Huntington Bancshares Incorporated (NASDAQ:HBAN)

Huntington Bancshares Incorporated (NASDAQ:HBAN) – Stock analysts at Wedbush dropped their Q3 2024 earnings per share (EPS) estimates for Huntington Bancshares in a research note issued on Monday, June 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings per share of $0.31 for the quarter, down from their prior forecast of $0.34. The consensus estimate for Huntington Bancshares’ current full-year earnings is $1.19 per share. Wedbush also issued estimates for Huntington Bancshares’ Q4 2024 earnings at $0.33 EPS, FY2024 earnings at $1.20 EPS, Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.36 EPS, Q4 2025 earnings at $0.38 EPS and FY2025 earnings at $1.40 EPS.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings results on Friday, April 19th. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. Huntington Bancshares had a return on equity of 11.99% and a net margin of 15.86%. The firm had revenue of $2.85 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the company posted $0.38 earnings per share.

A number of other equities research analysts have also weighed in on HBAN. Piper Sandler lowered Huntington Bancshares from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $13.50 to $11.50 in a report on Friday, June 14th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $15.00 price objective on shares of Huntington Bancshares in a report on Tuesday, June 11th. UBS Group decreased their price target on Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, June 13th. JPMorgan Chase & Co. decreased their price target on Huntington Bancshares from $17.00 to $16.50 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Evercore ISI decreased their price target on Huntington Bancshares from $16.50 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Huntington Bancshares has a consensus rating of “Moderate Buy” and a consensus target price of $15.03.

Huntington Bancshares Price Performance

Shares of HBAN opened at $12.78 on Wednesday. Huntington Bancshares has a twelve month low of $9.25 and a twelve month high of $14.30. The stock’s 50 day moving average is $13.42 and its two-hundred day moving average is $13.13. The firm has a market capitalization of $18.52 billion, a PE ratio of 11.51, a P/E/G ratio of 2.41 and a beta of 1.08. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Huntington Bancshares by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 172,069,244 shares of the bank’s stock worth $1,789,520,000 after buying an additional 1,209,264 shares during the period. Boston Partners raised its position in shares of Huntington Bancshares by 20.4% in the 1st quarter. Boston Partners now owns 56,175,987 shares of the bank’s stock worth $783,215,000 after buying an additional 9,533,511 shares during the period. Norges Bank purchased a new position in shares of Huntington Bancshares in the 4th quarter worth $206,703,000. Dimensional Fund Advisors LP increased its holdings in Huntington Bancshares by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,130,774 shares of the bank’s stock valued at $192,473,000 after purchasing an additional 765,070 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Huntington Bancshares by 5.5% in the 3rd quarter. Northern Trust Corp now owns 14,273,987 shares of the bank’s stock valued at $148,449,000 after purchasing an additional 744,443 shares in the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Huntington Bancshares news, VP Brantley J. Standridge sold 50,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $13.60, for a total transaction of $680,000.00. Following the transaction, the vice president now owns 385,409 shares of the company’s stock, valued at approximately $5,241,562.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Huntington Bancshares news, VP Brantley J. Standridge sold 50,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $13.60, for a total transaction of $680,000.00. Following the transaction, the vice president now owns 385,409 shares of the company’s stock, valued at approximately $5,241,562.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Zachary Jacob Wasserman sold 30,000 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $13.66, for a total value of $409,800.00. Following the transaction, the chief financial officer now directly owns 305,884 shares in the company, valued at approximately $4,178,375.44. The disclosure for this sale can be found here. Insiders have sold a total of 157,829 shares of company stock valued at $2,148,623 in the last quarter. 0.89% of the stock is currently owned by company insiders.

Huntington Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a $0.155 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.62 annualized dividend and a yield of 4.85%. Huntington Bancshares’s dividend payout ratio (DPR) is presently 55.86%.

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.