Zacks Investment Research Lowers Huntington Bancshares (HBAN) to Hold
Zacks Investment Research downgraded shares of Huntington Bancshares (NASDAQ:HBAN) from a buy rating to a hold rating in a report released on Tuesday.
According to Zacks, “Shares of Huntington have outperformed the industry over the past six months. Yet, the company doesn’t have a decent earnings surprise history. It surpassed the Zacks Consensus Estimate in one of the trailing four quarters. Fourth-quarter 2017 results reflected Huntington’s robust organic growth, partially offset by higher expenses. With the Fed rate hikes, margin pressure for the company finally seems to be easing. Moreover, rising loans and deposits along with improved credit quality are tailwinds. Further, a lower corporate tax rate is likely to support financials. Also, the company's strong liquidity position keeps it well poised to expand through strategic initiatives, which will support profitability in the long run. However, increasing cost base continues to deter bottom-line growth. Also, unsustainable capital deployment activities keep us apprehensive.”
HBAN has been the subject of several other reports. Hilliard Lyons downgraded Huntington Bancshares from a buy rating to a neutral rating and set a $17.00 price objective for the company. in a research note on Wednesday, January 24th. Barclays increased their price objective on Huntington Bancshares from $14.00 to $17.00 and gave the company an equal weight rating in a research note on Tuesday, January 2nd. Piper Jaffray Companies reissued a buy rating and issued a $15.50 price objective on shares of Huntington Bancshares in a research note on Tuesday, October 17th. Keefe, Bruyette & Woods reissued a hold rating and issued a $16.25 price objective on shares of Huntington Bancshares in a research note on Friday, December 22nd. Finally, Sandler O’Neill reissued a buy rating and issued a $18.00 price objective on shares of Huntington Bancshares in a research note on Tuesday, January 23rd. Ten investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Huntington Bancshares has an average rating of Buy and a consensus target price of $16.75.
Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.26 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. Huntington Bancshares had a return on equity of 12.12% and a net margin of 25.02%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the company earned $0.18 EPS. equities analysts predict that Huntington Bancshares will post 1.2 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 19th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Friday, March 16th. Huntington Bancshares’s dividend payout ratio (DPR) is presently 32.00%.
Several institutional investors and hedge funds have recently modified their holdings of the business. Verition Fund Management LLC purchased a new position in shares of Huntington Bancshares during the 2nd quarter worth $139,000. Kovack Advisors Inc. purchased a new position in shares of Huntington Bancshares during the 4th quarter worth $147,000. Alpha Cubed Investments LLC purchased a new position in shares of Huntington Bancshares during the 3rd quarter worth $151,000. ClariVest Asset Management LLC grew its holdings in shares of Huntington Bancshares by 53.4% during the 3rd quarter. ClariVest Asset Management LLC now owns 11,200 shares of the bank’s stock worth $156,000 after purchasing an additional 3,900 shares during the period. Finally, Mariner Wealth Advisors LLC purchased a new position in shares of Huntington Bancshares during the 4th quarter worth $158,000. 74.19% of the stock is owned by institutional investors and hedge funds.
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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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