Sanford C. Bernstein upgraded shares of Huntington Bancshares Incorporated (NASDAQ:HBAN) from a market perform rating to an outperform rating in a report released on Thursday morning, Marketbeat reports. Sanford C. Bernstein currently has $17.00 target price on the bank’s stock, up from their previous target price of $15.00.
Several other research analysts have also recently weighed in on the stock. Royal Bank Of Canada reiterated a buy rating and issued a $16.00 price target on shares of Huntington Bancshares in a report on Friday, September 8th. JMP Securities assumed coverage on shares of Huntington Bancshares in a report on Thursday, August 31st. They issued an outperform rating and a $15.00 price target for the company. Keefe, Bruyette & Woods set a $14.00 price target on shares of Huntington Bancshares and gave the company a hold rating in a report on Friday, August 11th. Piper Jaffray Companies upgraded shares of Huntington Bancshares from a neutral rating to an overweight rating and upped their price target for the company from $14.00 to $15.00 in a report on Friday, August 11th. Finally, BidaskClub cut shares of Huntington Bancshares from a hold rating to a sell rating in a report on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company. The company has an average rating of Buy and an average target price of $15.01.
Huntington Bancshares (NASDAQ:HBAN) traded up 0.31% during trading on Thursday, reaching $12.76. 16,063,966 shares of the company were exchanged. The firm has a market cap of $13.91 billion, a price-to-earnings ratio of 17.67 and a beta of 1.37. The firm has a 50-day moving average of $12.83 and a 200-day moving average of $13.13. Huntington Bancshares has a 52-week low of $9.52 and a 52-week high of $14.74.
Huntington Bancshares (NASDAQ:HBAN) last issued its earnings results on Friday, July 21st. The bank reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. Huntington Bancshares had a net margin of 18.41% and a return on equity of 11.39%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the prior year, the firm earned $0.19 earnings per share. On average, equities analysts forecast that Huntington Bancshares will post $0.92 EPS for the current year.
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Huntington Bancshares declared that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that allows the company to buyback $308.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, September 15th. Huntington Bancshares’s payout ratio is 46.38%.
In other Huntington Bancshares news, EVP Nicholas G. Stanutz sold 16,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $12.71, for a total transaction of $203,360.00. Following the sale, the executive vice president now directly owns 447,722 shares of the company’s stock, valued at $5,690,546.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Neu purchased 2,450 shares of the company’s stock in a transaction on Friday, July 28th. The shares were purchased at an average cost of $13.10 per share, for a total transaction of $32,095.00. Following the completion of the transaction, the director now directly owns 184,596 shares of the company’s stock, valued at approximately $2,418,207.60. The disclosure for this purchase can be found here. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sentry Investment Management LLC bought a new stake in Huntington Bancshares during the second quarter worth $621,000. Toronto Dominion Bank raised its position in Huntington Bancshares by 25.4% during the second quarter. Toronto Dominion Bank now owns 369,480 shares of the bank’s stock worth $4,994,000 after acquiring an additional 74,932 shares in the last quarter. Cetera Investment Advisers bought a new stake in Huntington Bancshares during the second quarter worth $339,000. Verition Fund Management LLC bought a new stake in Huntington Bancshares during the second quarter worth $139,000. Finally, National Asset Management Inc. raised its position in Huntington Bancshares by 5.2% during the second quarter. National Asset Management Inc. now owns 14,630 shares of the bank’s stock worth $198,000 after acquiring an additional 719 shares in the last quarter. 74.16% of the stock is currently owned by hedge funds and other institutional investors.
About Huntington Bancshares
Huntington Bancshares Incorporated (Huntington) is a bank holding company. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), the Company provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services.
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