Royal Bank of Canada Reaffirms “Outperform” Rating for Huntington Bancshares (NASDAQ:HBAN)

Huntington Bancshares (NASDAQ:HBAN)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They currently have a $20.00 price objective on the bank’s stock. Royal Bank of Canada’s price target points to a potential upside of 16.92% from the company’s current price.

HBAN has been the subject of several other reports. Evercore ISI boosted their target price on shares of Huntington Bancshares from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Truist Financial began coverage on shares of Huntington Bancshares in a research report on Tuesday, January 7th. They issued a “buy” rating and a $19.00 target price for the company. Keefe, Bruyette & Woods boosted their target price on shares of Huntington Bancshares from $16.00 to $19.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Barclays upped their price objective on shares of Huntington Bancshares from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, Piper Sandler upped their price objective on shares of Huntington Bancshares from $15.00 to $17.50 and gave the stock an “underweight” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.88.

Huntington Bancshares Stock Performance

Shares of Huntington Bancshares stock traded up $0.10 during trading on Tuesday, hitting $17.11. 6,070,725 shares of the stock were exchanged, compared to its average volume of 17,611,430. The stock has a market capitalization of $24.85 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 2.65 and a beta of 1.07. The company has a fifty day moving average price of $17.05 and a 200-day moving average price of $15.51. Huntington Bancshares has a 1-year low of $12.05 and a 1-year high of $18.44. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.92.

Huntington Bancshares (NASDAQ:HBAN) last announced its earnings results on Friday, January 17th. The bank reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a net margin of 16.23% and a return on equity of 11.23%. During the same quarter in the prior year, the business posted $0.27 earnings per share. As a group, equities analysts predict that Huntington Bancshares will post 1.36 EPS for the current fiscal year.

Insider Activity

In other Huntington Bancshares news, CFO Zachary Jacob Wasserman sold 8,644 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $17.63, for a total value of $152,393.72. Following the transaction, the chief financial officer now directly owns 259,943 shares of the company’s stock, valued at approximately $4,582,795.09. This trade represents a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Scott D. Kleinman sold 28,600 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $17.67, for a total transaction of $505,362.00. Following the completion of the transaction, the vice president now directly owns 496,076 shares in the company, valued at $8,765,662.92. This trade represents a 5.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,699 shares of company stock valued at $757,356. 0.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HBAN. Asset Dedication LLC raised its holdings in shares of Huntington Bancshares by 200.7% in the third quarter. Asset Dedication LLC now owns 1,801 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,202 shares during the last quarter. Peoples Bank KS purchased a new stake in shares of Huntington Bancshares in the third quarter valued at about $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at about $31,000. Fortitude Family Office LLC purchased a new stake in shares of Huntington Bancshares in the third quarter valued at about $32,000. Finally, UMB Bank n.a. raised its holdings in shares of Huntington Bancshares by 19.1% in the third quarter. UMB Bank n.a. now owns 4,545 shares of the bank’s stock valued at $67,000 after purchasing an additional 728 shares during the last quarter. 80.72% of the stock is owned by institutional investors.

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.