Huntington Bancshares (NASDAQ:HBAN) Reaches New 52-Week High After Better-Than-Expected Earnings

Huntington Bancshares Incorporated (NASDAQ:HBAN) shares reached a new 52-week high during trading on Monday following a better than expected earnings announcement. The company traded as high as $15.06 and last traded at $14.97, with a volume of 6161958 shares. The stock had previously closed at $14.86.

The bank reported $0.30 EPS for the quarter, beating the consensus estimate of $0.28 by $0.02. Huntington Bancshares had a return on equity of 11.34% and a net margin of 14.77%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter last year, the company posted $0.35 earnings per share.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend is Tuesday, September 17th. Huntington Bancshares’s dividend payout ratio (DPR) is 55.86%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on HBAN. JPMorgan Chase & Co. cut their price objective on Huntington Bancshares from $17.00 to $16.50 and set an “overweight” rating for the company in a research report on Thursday, June 27th. UBS Group cut their price target on Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, June 13th. Evercore ISI lowered their price objective on shares of Huntington Bancshares from $16.50 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 25th. Royal Bank of Canada boosted their target price on shares of Huntington Bancshares from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Piper Sandler increased their price target on shares of Huntington Bancshares from $11.50 to $13.50 and gave the company an “underweight” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.50.

Insiders Place Their Bets

In other news, insider Helga Houston sold 7,278 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $13.64, for a total value of $99,271.92. Following the completion of the sale, the insider now directly owns 648,904 shares in the company, valued at $8,851,050.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Kendall A. Kowalski sold 15,711 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $13.84, for a total value of $217,440.24. Following the transaction, the insider now owns 65,195 shares in the company, valued at $902,298.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Helga Houston sold 7,278 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $13.64, for a total value of $99,271.92. Following the sale, the insider now directly owns 648,904 shares of the company’s stock, valued at $8,851,050.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,881 shares of company stock valued at $844,003. 0.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Huntington Bancshares

Several institutional investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV grew its holdings in Huntington Bancshares by 8.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 136,961 shares of the bank’s stock worth $1,911,000 after acquiring an additional 10,795 shares during the period. Goldman Sachs Group Inc. raised its holdings in Huntington Bancshares by 39.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,534,897 shares of the bank’s stock worth $83,124,000 after purchasing an additional 1,838,019 shares during the period. KBC Group NV grew its holdings in shares of Huntington Bancshares by 715.0% in the 4th quarter. KBC Group NV now owns 4,251,631 shares of the bank’s stock valued at $54,081,000 after buying an additional 3,729,974 shares during the period. Tower Research Capital LLC TRC raised its stake in Huntington Bancshares by 160.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 206,193 shares of the bank’s stock worth $2,623,000 after buying an additional 126,900 shares during the period. Finally, Lindbrook Capital LLC increased its holdings in shares of Huntington Bancshares by 43.4% in the fourth quarter. Lindbrook Capital LLC now owns 4,530 shares of the bank’s stock worth $58,000 after acquiring an additional 1,371 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.

Huntington Bancshares Stock Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market cap of $21.84 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 5.89 and a beta of 1.06. The stock has a 50-day moving average price of $13.40 and a 200 day moving average price of $13.27.

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.