Huntington Bancshares (NASDAQ:HBAN) Issues Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Huntington Bancshares (NASDAQ:HBAN) posted its quarterly earnings results on Thursday. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.03), FiscalAI reports. Huntington Bancshares had a return on equity of 12.14% and a net margin of 18.06%.The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.21 billion.

Huntington Bancshares Trading Up 4.3%

NASDAQ:HBAN opened at $18.77 on Thursday. Huntington Bancshares has a 52-week low of $11.91 and a 52-week high of $18.91. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.89. The stock has a fifty day simple moving average of $17.21 and a 200-day simple moving average of $16.88. The company has a market capitalization of $29.56 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 0.67 and a beta of 0.95.

Insider Transactions at Huntington Bancshares

In other Huntington Bancshares news, insider Amit Dhingra sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $18.50, for a total transaction of $185,000.00. Following the completion of the transaction, the insider directly owned 155,634 shares in the company, valued at approximately $2,879,229. This trade represents a 6.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Marcy C. Hingst sold 12,832 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $18.00, for a total transaction of $230,976.00. Following the completion of the sale, the executive vice president directly owned 239,473 shares in the company, valued at $4,310,514. This trade represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 97,863 shares of company stock worth $1,581,634 in the last 90 days. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Huntington Bancshares

A number of large investors have recently bought and sold shares of HBAN. Millennium Management LLC raised its holdings in shares of Huntington Bancshares by 85.7% in the third quarter. Millennium Management LLC now owns 6,790,019 shares of the bank’s stock worth $117,264,000 after acquiring an additional 3,133,208 shares during the last quarter. Boston Partners increased its position in Huntington Bancshares by 3.9% during the 3rd quarter. Boston Partners now owns 63,302,953 shares of the bank’s stock worth $1,091,615,000 after purchasing an additional 2,363,905 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Huntington Bancshares in the 3rd quarter valued at about $29,127,000. Man Group plc raised its stake in Huntington Bancshares by 122.1% in the 3rd quarter. Man Group plc now owns 2,917,556 shares of the bank’s stock valued at $50,386,000 after purchasing an additional 1,604,020 shares during the last quarter. Finally, Danske Bank A S purchased a new position in Huntington Bancshares in the 3rd quarter valued at about $22,781,000. Institutional investors and hedge funds own 80.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Huntington Bancshares from $18.00 to $18.50 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Piper Sandler increased their price objective on Huntington Bancshares from $15.00 to $16.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 10th. Weiss Ratings restated a “buy (b-)” rating on shares of Huntington Bancshares in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods upped their price target on shares of Huntington Bancshares from $19.00 to $20.00 and gave the stock a “market perform” rating in a research note on Monday, October 20th. Finally, Barclays raised their price objective on shares of Huntington Bancshares from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, January 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.08.

About Huntington Bancshares

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.