Huntington Bancshares Incorporated (NASDAQ:HBAN) to Post Q3 2024 Earnings of $0.30 Per Share, Wedbush Forecasts

Huntington Bancshares Incorporated (NASDAQ:HBAN) – Equities researchers at Wedbush reduced their Q3 2024 earnings per share estimates for shares of Huntington Bancshares in a research note issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $0.30 per share for the quarter, down from their previous forecast of $0.32. The consensus estimate for Huntington Bancshares’ current full-year earnings is $1.19 per share. Wedbush also issued estimates for Huntington Bancshares’ Q4 2024 earnings at $0.33 EPS and FY2024 earnings at $1.21 EPS.

Several other research analysts have also weighed in on HBAN. Baird R W lowered Huntington Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. dropped their price objective on Huntington Bancshares from $17.00 to $16.50 and set an “overweight” rating on the stock in a report on Thursday, June 27th. UBS Group reduced their target price on shares of Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, June 13th. Jefferies Financial Group decreased their target price on shares of Huntington Bancshares from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods cut their price target on shares of Huntington Bancshares from $15.00 to $14.50 and set a “market perform” rating on the stock in a report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.59.

Huntington Bancshares Price Performance

Shares of NASDAQ:HBAN opened at $14.64 on Thursday. The firm has a market cap of $21.26 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 3.07 and a beta of 1.05. Huntington Bancshares has a 1 year low of $9.25 and a 1 year high of $15.24. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.96. The business has a fifty day simple moving average of $14.39 and a 200 day simple moving average of $13.77.

Huntington Bancshares (NASDAQ:HBAN) last released its quarterly earnings data on Friday, July 19th. The bank reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.02. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.81 billion. Huntington Bancshares had a net margin of 14.77% and a return on equity of 11.34%. During the same quarter in the prior year, the business earned $0.35 EPS.

Huntington Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Tuesday, September 17th. Huntington Bancshares’s dividend payout ratio (DPR) is currently 55.86%.

Insiders Place Their Bets

In related news, VP Nancy E. Maloney sold 57,537 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $15.15, for a total transaction of $871,685.55. Following the completion of the transaction, the vice president now directly owns 69,595 shares in the company, valued at approximately $1,054,364.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Kendall A. Kowalski sold 5,747 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $14.98, for a total transaction of $86,090.06. Following the sale, the insider now directly owns 65,899 shares in the company, valued at $987,167.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Nancy E. Maloney sold 57,537 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $15.15, for a total value of $871,685.55. Following the completion of the transaction, the vice president now owns 69,595 shares of the company’s stock, valued at $1,054,364.25. The disclosure for this sale can be found here. Insiders have sold a total of 116,622 shares of company stock valued at $1,762,904 in the last three months. Company insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Huntington Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. WealthShield Partners LLC boosted its position in shares of Huntington Bancshares by 5.9% during the 2nd quarter. WealthShield Partners LLC now owns 12,237 shares of the bank’s stock valued at $163,000 after acquiring an additional 683 shares in the last quarter. Foundations Investment Advisors LLC boosted its holdings in Huntington Bancshares by 3.2% during the second quarter. Foundations Investment Advisors LLC now owns 23,647 shares of the bank’s stock valued at $312,000 after purchasing an additional 744 shares in the last quarter. Summit Financial Strategies Inc. grew its stake in shares of Huntington Bancshares by 2.5% in the 2nd quarter. Summit Financial Strategies Inc. now owns 30,955 shares of the bank’s stock valued at $408,000 after purchasing an additional 762 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Huntington Bancshares by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 157,152 shares of the bank’s stock worth $2,192,000 after buying an additional 780 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its position in shares of Huntington Bancshares by 1.3% during the 1st quarter. Park Avenue Securities LLC now owns 63,098 shares of the bank’s stock worth $880,000 after buying an additional 794 shares during the period. Institutional investors own 80.72% of the company’s stock.

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.