Huntington Bancshares (NASDAQ:HBAN) Sets New 12-Month High - Time to Buy?

Huntington Bancshares Incorporated (NASDAQ:HBAN) achieved a new 52-week high during mid-day trading on a recent Wednesday. The stock reached a peak price of $17.11 and ultimately closed at $17.05, with a trading volume of 477,256 shares. Prior to this surge, the stock closed at $15.54.

Wall Street Analysts Forecast Growth

Analysts' sentiments regarding Huntington Bancshares appear optimistic. For instance, Morgan Stanley raised their price target from $16.00 to $18.00, now rating the stock as "overweight". Likewise, Barclays increased their target price from $15.00 to $17.00, labeling it as "equal weight". Additionally, Bank of America raised their target to $17.00 with a "buy" rating.

In further evaluations, Sandler O'Neill reiterated a "buy" rating, and Argus increased their price target from $15.00 to $16.00 with a "buy" rating. In summary, one analyst has issued a sell rating, six have a hold rating, twelve a buy rating, and one a strong buy rating. Therefore, MarketBeat.com notes that the current consensus rating for Huntington Bancshares is "Moderate Buy" with a target price sitting at $16.09.

Huntington Bancshares Stock Up 9.9%

Recently, Huntington Bancshares reported a 9.9% rise in stock value. Their 50-day moving average is at $14.93, while their two-hundred day moving average is $14.11, reflecting a steady growth trajectory. The firm boasts a market capitalization of $24.81 billion, a price-to-earnings ratio of 14.94, and a debt-to-equity ratio of 0.86.

Earnings Results and Outlook

On October 17, Huntington Bancshares announced their earnings results showcasing earnings per share (EPS) of $0.33, surpassing analysts' estimates of $0.30. The reported revenue for the quarter stood at $1.89 billion, exceeding the projected $1.86 billion. The company also recorded a net margin of 14.19% and a return on equity of 10.72%.

Huntington Bancshares Announces Dividend

Additionally, Huntington Bancshares has declared a quarterly dividend of $0.155 per share, scheduled for distribution on January 2, 2024. Shareholders recorded by December 18, 2023, will benefit from this payout, which translates to an annual yield of 3.63% based on a payout ratio of 59.62%.

Insider Trading

In company news, insider Helga Houston recently sold 6,455 shares at an average price of $15.43, totaling approximately $99,600. Following this transaction, Helga owns 558,342 shares of the firm, valued around $8.6 million, reflecting a minor change in ownership.

Institutional Investments

The institutional investors have been actively trading Huntington Bancshares’ shares. WealthShield Partners LLC increased their stake by 5.9% in Q2, while UMB Bank n.a. raised its position by 19.1% in Q3. Foundations Investment Advisors LLC also added to their holdings, signaling confidence in the company’s growth. Overall, institutional investors hold approximately 80.72% of Huntington Bancshares’ stock.

Company Overview

Huntington Bancshares acts as the holding company for The Huntington National Bank, providing a wide array of banking services across the U.S. Their offerings include commercial, consumer, and mortgage banking, alongside investment management and insurance products, catering to both individual and business customers.

Should you invest in Huntington Bancshares?

Despite the current positive outlook and a "Moderate Buy" rating from analysts, some investors may wish to consider alternative opportunities. There are stocks recommended by leading analysts that might outperform Huntington Bancshares in the current market climate.

Stocks, Earnings, Analysis