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

Huntington Bancshares (NASDAQ:HBAN - Free Report) had its price target trimmed by Truist Financial from $21.00 to $17.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the bank's stock.

A number of other analysts also recently commented on the stock. Citigroup dropped their target price on shares of Huntington Bancshares from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Baird R W upgraded Huntington Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Morgan Stanley decreased their target price on Huntington Bancshares from $22.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Keefe, Bruyette & Woods reduced their target price on Huntington Bancshares from $18.00 to $17.00 and set a "market perform" rating for the company in a report on Monday. Finally, Royal Bank of Canada dropped their price target on Huntington Bancshares from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $17.39.

Huntington Bancshares Price Performance

HBAN traded down $0.06 during trading on Tuesday, reaching $14.49. The stock had a trading volume of 2,878,605 shares, compared to its average volume of 17,272,216. The stock has a 50 day moving average of $14.65 and a two-hundred day moving average of $15.99. 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 market capitalization of $21.16 billion, a price-to-earnings ratio of 11.78, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89. Huntington Bancshares has a 1-year low of $11.92 and a 1-year high of $18.45.

Huntington Bancshares (NASDAQ:HBAN - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The bank reported $0.34 earnings per share for the quarter, beating 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 business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the prior year, the firm posted $0.27 earnings per share. As a group, equities analysts anticipate that Huntington Bancshares will post 1.39 EPS for the current fiscal year.

Huntington Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 17th will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, June 17th. This represents a $0.62 dividend on an annualized basis and a yield of 4.28%. Huntington Bancshares's dividend payout ratio is currently 47.33%.

Huntington Bancshares announced that its board has initiated a share buyback plan on Thursday, April 17th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the bank to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other 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 transaction of $964,008.73. Following the completion of the sale, the vice president now owns 326,456 shares in the company, valued at approximately $4,469,182.64. This represents a 17.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kendall A. Kowalski sold 25,419 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $13.68, for a total value of $347,731.92. Following the completion of the transaction, the insider now directly owns 70,281 shares in the company, valued at $961,444.08. The trade was a 26.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 207,617 shares of company stock valued at $2,942,892 over the last ninety days. Corporate insiders own 0.89% of the company's stock.

Hedge Funds Weigh In On Huntington Bancshares

A number of institutional investors have recently modified their holdings of the company. Arvest Bank Trust Division acquired a new position in Huntington Bancshares during the 3rd quarter worth $2,381,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Huntington Bancshares during the 3rd quarter worth about $1,389,000. Franklin Resources Inc. boosted its stake in 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 period. Principal Financial Group Inc. grew its holdings in Huntington Bancshares by 6.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,743,357 shares of the bank's stock valued at $25,627,000 after buying an additional 112,146 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Huntington Bancshares by 10.2% in the 4th quarter. GAMMA Investing LLC now owns 39,656 shares of the bank's stock worth $645,000 after buying an additional 3,668 shares during the period. 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.