JPMorgan Chase & Co. Lowers Huntington Bancshares (NASDAQ:HBAN) Price Target to $18.50

Huntington Bancshares (NASDAQ:HBAN) had its target price dropped by research analysts at JPMorgan Chase & Co. from $19.00 to $18.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 10.38% from the stock’s previous close.

Several other brokerages have also recently weighed in on HBAN. Argus upped their price target on Huntington Bancshares from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Morgan Stanley decreased their price target on Huntington Bancshares from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Jefferies Financial Group upped their price target on Huntington Bancshares from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, April 24th. DA Davidson decreased their price target on Huntington Bancshares from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, March 16th. Finally, Wolfe Research decreased their price target on Huntington Bancshares from $21.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Huntington Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $20.05.

Huntington Bancshares Stock Performance

Huntington Bancshares stock traded up $0.45 during mid-day trading on Thursday, reaching $16.76. The company’s stock had a trading volume of 20,760,570 shares, compared to its average volume of 31,413,814. Huntington Bancshares has a 12-month low of $14.42 and a 12-month high of $19.45. The company has a market capitalization of $34.14 billion, a P/E ratio of 12.89, a PEG ratio of 0.72 and a beta of 0.95. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.92 and a current ratio of 0.93. The firm’s fifty day moving average price is $16.25 and its two-hundred day moving average price is $16.72.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.21. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. The business had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the previous year, the business earned $0.34 EPS. Sell-side analysts predict that Huntington Bancshares will post 1.61 EPS for the current fiscal year.

Insider Activity

In other news, VP Brendan A. Lawlor sold 17,455 shares of the business’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $18.93, for a total transaction of $330,423.15. Following the completion of the transaction, the vice president owned 42,398 shares of the company’s stock, valued at approximately $802,594.14. The trade was a 29.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gary Torgow acquired 14,200 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were acquired at an average cost of $17.81 per share, with a total value of $252,902.00. Following the acquisition, the director directly owned 943,341 shares of the company’s stock, valued at $16,800,903.21. This represents a 1.53% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 39,200 shares of company stock valued at $756,724 and sold 98,986 shares valued at $1,600,958. Corporate insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of HBAN. MV Capital Management Inc. purchased a new position in shares of Huntington Bancshares during the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new position in shares of Huntington Bancshares during the third quarter worth about $26,000. South Plains Financial Inc. grew its holdings in shares of Huntington Bancshares by 116.3% during the third quarter. South Plains Financial Inc. now owns 1,536 shares of the bank’s stock worth $27,000 after purchasing an additional 826 shares in the last quarter. Centennial Bank AR purchased a new position in shares of Huntington Bancshares during the fourth quarter worth about $28,000. Finally, Accredited Wealth Management LLC grew its holdings in shares of Huntington Bancshares by 374.5% during the third quarter. Accredited Wealth Management LLC now owns 1,675 shares of the bank’s stock worth $29,000 after purchasing an additional 1,322 shares in the last quarter. Hedge funds and other institutional investors own 80.72% of the company’s stock.

About Huntington Bancshares

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.