Huntington Bancshares (NASDAQ:HBAN) Reaches New 1-Year High - What Lies Ahead?

Huntington Bancshares Incorporated (NASDAQ:HBAN) recently achieved a new high for the year during midday trading on Wednesday, reaching a peak of $17.11 before settling down to $17.05. Approximately 477,256 shares changed hands, compared to its previous close of $15.54.

Wall Street's Outlook

Many analysts have been optimistic about Huntington Bancshares. Morgan Stanley adjusted their price target from $16.00 to $18.00 on August 5th, categorizing the stock as "overweight." Barclays also increased their target price to $17.00 on October 18th, maintaining an "equal weight" rating. Similarly, Bank of America raised their target from $15.00 to $17.00, assigning a "buy" rating in a report dated July 22nd. Other institutions like Sandler O'Neill reiterated a "buy" rating, and Argus upped their target to $16.00 in July as well. Overall, of the ratings given, one analyst marked the stock as a sell, six rated it hold, twelve rated it buy, and one rated it as a strong buy. Currently, MarketBeat confirms a consensus rating of "Moderate Buy" with a target price of $16.09.

Huntington Bancshares Performance

Shares of Huntington Bancshares have skyrocketed by 9.9%. The company’s 50-day moving average sits at $14.93, while the 200-day moving average is at $14.11. The bank's market capitalization stands at $24.81 billion, with a price-to-earnings ratio of 14.94 and a price-to-earnings-growth ratio of 3.15. Their quick ratio is 0.87, current ratio is 0.88, and the debt-to-equity ratio stands at 0.86.

On October 17th, Huntington Bancshares released their earnings report, posting $0.33 earnings per share, beat analysts' expectations of $0.30. The revenue for the quarter was $1.89 billion, slightly exceeding projections of $1.86 billion. The bank's net margin was 14.19%, and the return on equity registered at 10.72%. Analysts anticipate earnings per share of 1.20 for the current fiscal year.

Dividend Announcement

The company has announced a quarterly dividend of $0.155 per share, scheduled to be paid on January 2nd. Stockholders as of December 18th will qualify for this payout, representing an annualized dividend of $0.62 with a yield of 3.63%. The current payout ratio is 59.62%.

Insider Activity

In recent insider activity, Helga Houston sold 6,455 shares on October 23rd at an average price of $15.43, totaling approximately $99,600.65. Post-transaction, she owns 558,342 shares valued at around $8.6 million, reflecting no significant change in her ownership percentage. Corporate insiders hold about 0.92% of the company's stock.

Institutional Investors' Moves

Recent changes in institutional ownership include WealthShield Partners, which raised its stake by 5.9% in the second quarter. UMB Bank increased its position by 19.1% in the third quarter. Foundations Investment and Summit Financial also grew their stakes, indicating a trend of increasing institutional confidence in Huntington Bancshares.

Company Overview

Huntington Bancshares Incorporated is a bank holding company for The Huntington National Bank, providing a range of commercial, consumer, and mortgage banking services in the United States. Their offerings include various financial products and services catering to both consumers and businesses, such as deposits, loans, payments, and investment management.

In conclusion, Huntington Bancshares has shown strong performance lately, drawing attention from market analysts and investors alike. As the stock hits new heights, it remains to be seen how it will perform moving forward.

Huntington, Stocks, Earnings