JPMorgan Chase & Co. Reiterates Overweight Rating for Huntington Bancshares (NASDAQ:HBAN)

Huntington Bancshares (NASDAQ:HBAN)‘s stock had its “overweight” rating reiterated by analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $20.00 price target on the bank’s stock, up from their previous price target of $18.50. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 13.44% from the company’s previous close.

Several other research firms have also recently issued reports on HBAN. StockNews.com raised shares of Huntington Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. DA Davidson raised their price target on shares of Huntington Bancshares from $16.50 to $17.50 and gave the stock a “buy” rating in a research note on Monday, October 21st. Barclays raised their price target on shares of Huntington Bancshares from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Huntington Bancshares in a research note on Friday, October 18th. Finally, The Goldman Sachs Group raised their price target on shares of Huntington Bancshares from $16.25 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Huntington Bancshares has a consensus rating of “Moderate Buy” and an average target price of $16.97.

Huntington Bancshares Stock Performance

Shares of HBAN opened at $17.63 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.86. The company has a 50-day simple moving average of $16.18 and a 200-day simple moving average of $14.66. Huntington Bancshares has a 52-week low of $11.57 and a 52-week high of $18.44. The company has a market capitalization of $25.61 billion, a PE ratio of 16.95, a P/E/G ratio of 3.55 and a beta of 1.06.

Huntington Bancshares (NASDAQ:HBAN) last posted its earnings results on Thursday, October 17th. The bank reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.03. Huntington Bancshares had a net margin of 14.19% and a return on equity of 10.72%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the firm posted $0.36 EPS. Equities research analysts predict that Huntington Bancshares will post 1.21 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Scott D. Kleinman sold 28,600 shares of Huntington Bancshares stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $17.67, for a total value of $505,362.00. Following the completion of the sale, the vice president now owns 496,076 shares in the company, valued at approximately $8,765,662.92. The trade was a 5.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Zachary Jacob Wasserman sold 8,644 shares of Huntington Bancshares stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $17.63, for a total transaction of $152,393.72. Following the completion of the sale, the chief financial officer now 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 position. The disclosure for this sale can be found here. Insiders have sold 43,699 shares of company stock worth $757,356 over the last 90 days. Company insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Huntington Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the company. Asset Dedication LLC lifted its holdings in Huntington Bancshares by 200.7% in the third quarter. Asset Dedication LLC now owns 1,801 shares of the bank’s stock worth $26,000 after purchasing an additional 1,202 shares during the period. Peoples Bank KS acquired a new stake in Huntington Bancshares in the third quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new stake in Huntington Bancshares in the third quarter worth about $31,000. Fortitude Family Office LLC acquired a new stake in Huntington Bancshares in the third quarter worth about $32,000. Finally, Hazlett Burt & Watson Inc. lifted its holdings in Huntington Bancshares by 695.5% in the second quarter. Hazlett Burt & Watson Inc. now owns 2,291 shares of the bank’s stock worth $30,000 after purchasing an additional 2,003 shares during the period. Institutional investors and hedge funds 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.