Huntington Bancshares (NASDAQ:HBAN) Given New $17.00 Price Target at Truist Financial

Huntington Bancshares (NASDAQ:HBAN) had its price target cut by research analysts at Truist Financial from $21.00 to $17.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price target would suggest a potential upside of 22.61% from the stock’s previous close.

A number of other analysts have also recently commented on HBAN. Morgan Stanley lowered their price target on Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Raymond James restated a “strong-buy” rating and issued a $18.00 price objective (down previously from $20.00) on shares of Huntington Bancshares in a research report on Monday. Barclays increased their price target on Huntington Bancshares from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. JPMorgan Chase & Co. lowered their target price on Huntington Bancshares from $18.50 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Finally, Citigroup lowered their price objective on shares of Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.39.

Huntington Bancshares Trading Up 2.9 %

HBAN stock traded up $0.40 during trading on Tuesday, hitting $13.87. The company had a trading volume of 8,377,110 shares, compared to its average volume of 17,273,814. The stock has a market cap of $20.25 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.33 and a beta of 0.89. Huntington Bancshares has a 12 month low of $11.92 and a 12 month high of $18.45. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average price of $14.80 and a 200-day moving average price of $16.02.

Huntington Bancshares (NASDAQ:HBAN) last released its earnings results on Thursday, April 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company posted $0.27 EPS. As a group, analysts predict that Huntington Bancshares will post 1.39 earnings per share for the current year.

Huntington Bancshares declared that its board has approved a share buyback program on Thursday, April 17th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the bank to purchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Huntington Bancshares

In other news, CFO Zachary Jacob Wasserman sold 38,451 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $14.38, for a total transaction of $552,925.38. Following the transaction, the chief financial officer now directly owns 335,538 shares of the company’s stock, valued at approximately $4,825,036.44. This trade represents a 10.28 % 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 this hyperlink. Also, VP Brendan A. Lawlor sold 3,521 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $15.25, for a total value of $53,695.25. Following the sale, the vice president now owns 47,950 shares of the company’s stock, valued at approximately $731,237.50. The trade was a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,781 shares of company stock worth $1,631,151. 0.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Arvest Bank Trust Division bought a new stake in shares of Huntington Bancshares during the 3rd quarter worth $2,381,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Huntington Bancshares in the 3rd quarter valued at approximately $1,389,000. Franklin Resources Inc. grew its holdings in shares of Huntington Bancshares by 3.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,797,771 shares of the bank’s stock valued at $27,901,000 after purchasing an additional 55,602 shares during the last quarter. Principal Financial Group Inc. increased its position in Huntington Bancshares by 6.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,743,357 shares of the bank’s stock worth $25,627,000 after purchasing an additional 112,146 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Huntington Bancshares by 10.2% in the 4th quarter. GAMMA Investing LLC now owns 39,656 shares of the bank’s stock valued at $645,000 after purchasing an additional 3,668 shares during the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.

About Huntington Bancshares

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.