Citigroup cut shares of Huntington Bancshares Incorporated (NASDAQ: HBAN) from a buy rating to a neutral rating in a research note issued to investors on Friday. The firm currently has $7.25 target price on the stock.
“We are downgrading HBAN from Buy to Neutral based on valuation. HBAN is up ~13% since late October versus the S&P Regional Bank Index which is up ~10% over that period. Even with the recent move up in rates, our valuation model suggests this stock has little upside. Interestingly, we have never had less traction with investors with a Buy thesis than we did with our HBAN recommendation. At the margin, that indifference makes us a bit more bullish, and we would look to get long the name at a more compelling valuation.,” Citigroup’s analyst wrote.
Huntington Bancshares Incorporated traded up 0.56% on Friday, hitting $7.14. Huntington Bancshares Incorporated has a 52-week low of $5.49 and a 52-week high of $7.25. The stock’s 50-day moving average is currently $6.89. The company has a market cap of $6.012 billion and a price-to-earnings ratio of 10.00.
The company also recently declared a quarterly dividend, which is scheduled for Monday, April 1st. Stockholders of record on Monday, March 18th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, March 14th.
A number of other analysts have also recently weighed in on HBAN. Analysts at Nomura initiated coverage on shares of Huntington Bancshares Incorporated in a research note to investors on Wednesday, February 6th. They set a neutral rating and a $7.50 price target on the stock. Separately, analysts at Goldman Sachs reiterated a neutral rating on shares of Huntington Bancshares Incorporated in a research note to investors on Tuesday, January 22nd. They now have a $7.50 price target on the stock. Finally, analysts at Compass Point upgraded shares of Huntington Bancshares Incorporated from a neutral rating to a buy rating in a research note to investors on Friday, January 18th. They now have a $8.00 price target on the stock, up previously from $6.00.
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