Huntington Bancshares (NASDAQ:HBAN) Downgraded by Wolfe Research to “Underperform”

Huntington Bancshares (NASDAQ:HBANGet Rating) was downgraded by equities researchers at Wolfe Research from a “peer perform” rating to an “underperform” rating in a report issued on Thursday, The Fly reports. They presently have a $11.00 target price on the bank’s stock, down from their previous target price of $15.00. Wolfe Research’s target price points to a potential downside of 19.35% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Bank of America lowered shares of Huntington Bancshares from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a research note on Friday, April 8th. StockNews.com raised shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, April 22nd. Stephens raised shares of Huntington Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $16.00 to $17.00 in a research note on Monday, April 25th. Raymond James lowered their target price on shares of Huntington Bancshares from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Friday, April 22nd. Finally, Morgan Stanley reduced their price target on shares of Huntington Bancshares from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, March 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $16.71.

NASDAQ:HBAN opened at $13.64 on Thursday. Huntington Bancshares has a one year low of $12.56 and a one year high of $17.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $19.63 billion, a price-to-earnings ratio of 11.66 and a beta of 1.18. The firm’s fifty day moving average is $13.90 and its two-hundred day moving average is $15.07.

Huntington Bancshares (NASDAQ:HBANGet Rating) last posted its quarterly earnings results on Thursday, April 21st. The bank reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. Huntington Bancshares had a net margin of 26.96% and a return on equity of 12.19%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company earned $0.48 earnings per share. The firm’s revenue was up 20.3% on a year-over-year basis. As a group, equities research analysts predict that Huntington Bancshares will post 1.4 earnings per share for the current fiscal year.

In related news, VP Steven Lee Rhodes sold 14,705 shares of the stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $13.28, for a total transaction of $195,282.40. Following the completion of the transaction, the vice president now owns 127,581 shares of the company’s stock, valued at approximately $1,694,275.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott D. Kleinman sold 8,290 shares of the stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $15.50, for a total transaction of $128,495.00. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Tortoise Investment Management LLC boosted its position in Huntington Bancshares by 433.3% in the 4th quarter. Tortoise Investment Management LLC now owns 1,600 shares of the bank’s stock valued at $25,000 after buying an additional 1,300 shares during the period. Core Alternative Capital purchased a new position in Huntington Bancshares in the 1st quarter valued at approximately $25,000. Avondale Wealth Management purchased a new position in Huntington Bancshares in the 4th quarter valued at approximately $26,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Huntington Bancshares in the 4th quarter valued at approximately $27,000. Finally, Riverview Trust Co purchased a new position in Huntington Bancshares in the 1st quarter valued at approximately $27,000. 79.26% of the stock is owned by institutional investors.

About Huntington Bancshares (Get Rating)

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 operates through four segments: Consumer and Business Banking; Commercial Banking; Vehicle Finance; and Regional Banking and The Huntington Private Client Group (RBHPCG).

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