TD Cowen Begins Coverage on Huntington Bancshares (NASDAQ:HBAN)

Research analysts at TD Cowen began coverage on shares of Huntington Bancshares (NASDAQ:HBAN) in a report issued on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $20.00 price target on the bank’s stock. TD Cowen’s target price indicates a potential upside of 23.61% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Raymond James reaffirmed a “strong-buy” rating and set a $18.00 target price (down from $20.00) on shares of Huntington Bancshares in a report on Monday, April 21st. Baird R W upgraded Huntington Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Robert W. Baird raised Huntington Bancshares from a “neutral” rating to an “outperform” rating and set a $18.00 price objective for the company in a report on Friday, March 7th. Morgan Stanley decreased their price target on Huntington Bancshares from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Piper Sandler dropped their price target on Huntington Bancshares from $17.50 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.58.

Huntington Bancshares Price Performance

Huntington Bancshares stock opened at $16.18 on Thursday. The company has a market capitalization of $23.63 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 1.33 and a beta of 0.89. 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 has a 12 month low of $11.92 and a 12 month high of $18.45. The stock’s 50 day moving average is $14.46 and its 200-day moving average is $15.97.

Huntington Bancshares (NASDAQ:HBAN) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.03. Huntington Bancshares had a return on equity of 11.23% and a net margin of 16.23%. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter last year, the business earned $0.27 EPS. Equities research analysts expect that Huntington Bancshares will post 1.39 EPS for the current year.

Huntington Bancshares announced that its board has authorized a stock buyback program on Thursday, April 17th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the bank to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Huntington Bancshares news, VP Brantley J. Standridge sold 70,417 shares of the company’s stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $13.69, for a total value of $964,008.73. Following the sale, the vice president now owns 326,456 shares in the company, valued at approximately $4,469,182.64. The trade was a 17.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction, the vice president now owns 453,129 shares of the company’s stock, valued at $6,647,402.43. This trade represents a 13.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 312,456 shares of company stock valued at $4,464,105 over the last quarter. 0.89% of the stock is owned by company insiders.

Institutional Trading of Huntington Bancshares

Several institutional investors have recently added to or reduced their stakes in the stock. Creative Capital Management Investments LLC boosted its stake in shares of Huntington Bancshares by 17,533.3% in the 4th quarter. Creative Capital Management Investments LLC now owns 1,587 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,578 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in Huntington Bancshares in the first quarter valued at $29,000. Quarry LP boosted its position in Huntington Bancshares by 73.0% during the first quarter. Quarry LP now owns 1,929 shares of the bank’s stock valued at $29,000 after acquiring an additional 814 shares during the last quarter. Y.D. More Investments Ltd grew its holdings in Huntington Bancshares by 126.8% during the 4th quarter. Y.D. More Investments Ltd now owns 1,830 shares of the bank’s stock worth $30,000 after acquiring an additional 1,023 shares during the period. Finally, LFA Lugano Financial Advisors SA bought a new position in shares of Huntington Bancshares in the 1st quarter worth about $31,000. 80.72% of the stock is currently owned by institutional investors.

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.