Truist Financial Issues Pessimistic Forecast for Huntington Bancshares (NASDAQ:HBAN) Stock Price

Huntington Bancshares (NASDAQ:HBAN) had its price objective reduced by equities research analysts at Truist Financial from $21.00 to $17.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s price objective would indicate a potential upside of 22.61% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Morgan Stanley decreased their target price on shares of Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Keefe, Bruyette & Woods decreased their target price on Huntington Bancshares from $18.00 to $17.00 and set a “market perform” rating for the company in a research note on Monday. Raymond James reiterated a “strong-buy” rating and issued a $18.00 price target (down from $20.00) on shares of Huntington Bancshares in a research report on Monday. Barclays lifted 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 note on Monday, January 6th. Finally, Citigroup cut their target price on shares of Huntington Bancshares from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, March 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Huntington Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.39.

Huntington Bancshares Stock Performance

NASDAQ:HBAN traded up $0.40 during midday trading on Tuesday, reaching $13.87. 8,377,110 shares of the company traded hands, compared to its average volume of 17,273,814. Huntington Bancshares has a twelve month low of $11.92 and a twelve month high of $18.45. The firm has a market capitalization of $20.25 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.89 and a quick ratio of 0.88. The company has a fifty day moving average price of $14.80 and a 200 day moving average price of $16.02.

Huntington Bancshares (NASDAQ:HBAN) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $0.34 EPS for the quarter, beating 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%. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter last year, the business earned $0.27 earnings per share. On average, analysts expect that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Huntington Bancshares announced that its Board of Directors has approved a stock buyback plan on Thursday, April 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the bank to buy up to 5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, VP Scott D. Kleinman sold 69,088 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $14.67, for a total value of $1,013,520.96. Following the sale, the vice president now directly owns 453,129 shares of the company’s stock, valued at approximately $6,647,402.43. This trade represents a 13.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Brendan A. Lawlor sold 3,521 shares of Huntington Bancshares stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $15.25, for a total value of $53,695.25. Following the completion of the transaction, the vice president now directly owns 47,950 shares in the company, valued at approximately $731,237.50. This represents a 6.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,781 shares of company stock worth $1,631,151. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Huntington Bancshares

Hedge funds have recently made changes to their positions in the stock. Carlson Capital Management grew its holdings in shares of Huntington Bancshares by 0.4% during the 4th quarter. Carlson Capital Management now owns 163,575 shares of the bank’s stock worth $2,661,000 after purchasing an additional 692 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Huntington Bancshares by 6.0% in the 4th quarter. Farther Finance Advisors LLC now owns 12,317 shares of the bank’s stock valued at $200,000 after buying an additional 699 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Huntington Bancshares by 27.2% during the 4th quarter. Venturi Wealth Management LLC now owns 3,279 shares of the bank’s stock worth $53,000 after acquiring an additional 702 shares during the period. CreativeOne Wealth LLC boosted its position in shares of Huntington Bancshares by 4.0% during the 4th quarter. CreativeOne Wealth LLC now owns 20,019 shares of the bank’s stock valued at $326,000 after acquiring an additional 762 shares in the last quarter. Finally, Lantz Financial LLC raised its stake in Huntington Bancshares by 6.1% during the fourth quarter. Lantz Financial LLC now owns 13,766 shares of the bank’s stock worth $224,000 after acquiring an additional 790 shares in the last quarter. Institutional investors own 80.72% of the company’s stock.

Huntington Bancshares Company Profile

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.