Huntington Bancshares (NASDAQ:HBAN) Posts Earnings Results, Beats Estimates By $0.03 EPS

Huntington Bancshares (NASDAQ:HBAN) posted its quarterly earnings results on Thursday. The bank reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.03, Briefing.com reports. Huntington Bancshares had a net margin of 14.77% and a return on equity of 11.34%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share.

Huntington Bancshares Price Performance

NASDAQ HBAN opened at $15.36 on Friday. The company has a market cap of $22.26 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 2.77 and a beta of 1.04. Huntington Bancshares has a 52 week low of $9.25 and a 52 week high of $16.03. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.96. The firm’s 50-day simple moving average is $14.56 and its two-hundred day simple moving average is $13.93.

Huntington Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 18th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 4.04%. Huntington Bancshares’s dividend payout ratio (DPR) is currently 55.86%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on HBAN shares. Baird R W downgraded shares of Huntington Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reduced their price target on shares of Huntington Bancshares from $15.00 to $14.50 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Argus upped their target price on shares of Huntington Bancshares from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Huntington Bancshares in a research note on Friday. Finally, Piper Sandler upped their target price on shares of Huntington Bancshares from $14.00 to $15.00 and gave the company an “underweight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.91.

Insider Buying and Selling at Huntington Bancshares

In other news, VP Nancy E. Maloney sold 57,537 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $15.15, for a total transaction of $871,685.55. Following the sale, the vice president now directly owns 69,595 shares in the company, valued at $1,054,364.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Kendall A. Kowalski sold 5,747 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $14.98, for a total value of $86,090.06. Following the transaction, the insider now owns 65,899 shares in the company, valued at approximately $987,167.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Nancy E. Maloney sold 57,537 shares of Huntington Bancshares stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $15.15, for a total transaction of $871,685.55. Following the completion of the sale, the vice president now owns 69,595 shares in the company, valued at approximately $1,054,364.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 116,622 shares of company stock valued at $1,762,904 over the last three months. 0.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Huntington Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Huntington Bancshares by 64.2% in the 4th quarter. Wellington Management Group LLP now owns 304,829 shares of the bank’s stock worth $3,877,000 after buying an additional 119,178 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Huntington Bancshares in the 4th quarter worth approximately $79,000. Quadrature Capital Ltd boosted its stake in Huntington Bancshares by 664.6% in the 4th quarter. Quadrature Capital Ltd now owns 138,817 shares of the bank’s stock worth $1,766,000 after purchasing an additional 120,661 shares during the period. HighPoint Advisor Group LLC bought a new position in Huntington Bancshares in the 4th quarter worth approximately $299,000. Finally, Nomura Holdings Inc. purchased a new stake in shares of Huntington Bancshares during the 4th quarter worth approximately $372,000. Hedge funds and other institutional investors own 80.72% of the company’s stock.

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.