DA Davidson Has Bullish Estimate for HBAN FY2024 Earnings

Huntington Bancshares Incorporated (NASDAQ:HBAN) – Equities researchers at DA Davidson raised their FY2024 earnings per share (EPS) estimates for shares of Huntington Bancshares in a research report issued on Thursday, December 12th. DA Davidson analyst P. Winter now expects that the bank will post earnings of $1.24 per share for the year, up from their prior forecast of $1.23. DA Davidson has a “Buy” rating and a $17.50 price target on the stock. The consensus estimate for Huntington Bancshares’ current full-year earnings is $1.21 per share. DA Davidson also issued estimates for Huntington Bancshares’ Q4 2024 earnings at $0.32 EPS and FY2025 earnings at $1.40 EPS.

Huntington Bancshares (NASDAQ:HBAN) last announced its earnings results on Thursday, October 17th. The bank reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.03. Huntington Bancshares had a return on equity of 10.72% and a net margin of 14.19%. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share.

Several other brokerages also recently weighed in on HBAN. JPMorgan Chase & Co. reissued an “overweight” rating and set a $20.00 price target (up previously from $18.50) on shares of Huntington Bancshares in a research report on Wednesday, December 4th. The Goldman Sachs Group boosted their price objective on shares of Huntington Bancshares from $16.25 to $20.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler increased their price target on Huntington Bancshares from $15.00 to $17.50 and gave the company an “underweight” rating in a report on Tuesday, December 3rd. Sandler O’Neill restated a “buy” rating on shares of Huntington Bancshares in a research note on Friday, October 18th. Finally, Citigroup upped their target price on shares of Huntington Bancshares from $18.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.41.

Huntington Bancshares Price Performance

HBAN stock opened at $17.17 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.87 and a current ratio of 0.88. The firm has a 50 day moving average price of $16.60 and a 200-day moving average price of $14.82. Huntington Bancshares has a 52-week low of $11.77 and a 52-week high of $18.44. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 3.47 and a beta of 1.06.

Huntington Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 18th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend is Wednesday, December 18th. Huntington Bancshares’s payout ratio is 59.62%.

Insider Buying and Selling

In related news, insider Helga Houston sold 6,455 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $15.43, for a total value of $99,600.65. Following the transaction, the insider now owns 558,342 shares in the company, valued at approximately $8,615,217.06. This represents a 1.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Scott D. Kleinman sold 28,600 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $17.67, for a total transaction of $505,362.00. Following the transaction, the vice president now directly owns 496,076 shares of the company’s stock, valued at approximately $8,765,662.92. This trade represents a 5.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,699 shares of company stock worth $757,356 in the last 90 days. 0.89% of the stock is owned by corporate insiders.

Institutional Trading of Huntington Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of HBAN. State Street Corp grew its stake in shares of Huntington Bancshares by 10.3% during the 3rd quarter. State Street Corp now owns 79,474,115 shares of the bank’s stock worth $1,179,319,000 after purchasing an additional 7,439,909 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Huntington Bancshares by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 62,708,399 shares of the bank’s stock worth $921,778,000 after acquiring an additional 1,522,767 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Huntington Bancshares by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 36,880,662 shares of the bank’s stock valued at $540,422,000 after acquiring an additional 473,893 shares during the period. FMR LLC increased its stake in shares of Huntington Bancshares by 16.8% in the 3rd quarter. FMR LLC now owns 23,719,168 shares of the bank’s stock valued at $348,672,000 after purchasing an additional 3,410,597 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Huntington Bancshares by 13.2% during the third quarter. Victory Capital Management Inc. now owns 20,318,486 shares of the bank’s stock worth $298,682,000 after purchasing an additional 2,363,988 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

Huntington Bancshares Company Profile

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.