Truist Financial Raises Price Target for Huntington Bancshares

Truist Financial has increased its target price for Huntington Bancshares (NASDAQ:HBAN) from $19.00 to $21.00 in a research report released on Tuesday. The firm has also issued a "buy" rating for the bank's stock. This new price target suggests a projected increase of approximately 22.77% from the stock's previous closing price.

Recent Analyst Upgrades

Huntington Bancshares has garnered attention from several other research firms as well. On October 18, Sandler O'Neill reiterated a "buy" rating for the stock. In another report dated December 4, JPMorgan Chase & Co. revised its price target from $18.50 to $20.00, maintaining an "overweight" rating for the shares. Furthermore, Evercore ISI increased its price target from $17.00 to $18.00, also labeling the company as "outperform" in a report dated October 30. StockNews.com upgraded Huntington's rating from "sell" to "hold" on December 12, while Keefe, Bruyette & Woods raised their price target from $16.00 to $19.00, assigning a "market perform" rating on December 4. Overall, analysts have shown a mix of ratings: one has rated the stock as a sell, six hold, and thirteen have provided buy ratings, leading to an average consensus of a "Moderate Buy" along with a consensus price target of $17.88.

Stock Performance and Trading Metrics

On Tuesday, Huntington Bancshares saw its stock rise by $0.10 during trading, reaching $17.11. The trading volume for the day was reported at 6,070,725 shares, notably lower than the average volume of 17,611,430. The company has a quick ratio of 0.88, a current ratio of 0.89, and a debt-to-equity ratio of 0.92. Huntington Bancshares holds a market capitalization of $24.85 billion with a P/E ratio of 13.90, a P/E/G ratio of 2.65, and a beta of 1.07. Over the past year, the stock has fluctuated between a low of $12.05 and a high of $18.44, with a 50-day simple moving average at $17.05 and a 200-day simple moving average sitting at $15.51.

Latest Earnings Report

The latest quarterly earnings for Huntington Bancshares were released on January 17. The bank reported earnings per share (EPS) of $0.34, surpassing analysts' expectations of $0.31 by $0.03. The company achieved a return on equity of 11.23% and a net margin of 16.23%. In the same quarter of the previous year, Huntington reported an EPS of $0.27. Analysts are forecasting an EPS of 1.36 for the current fiscal year.

Insider Trading Activity

In related developments, Vice President Scott D. Kleinman sold off 28,600 shares of the company's stock on November 13 at an average price of $17.67, amounting to a sale worth $505,362. Following this transaction, Kleinman now holds 496,076 shares valued at approximately $8.76 million, reflecting a decrease of 5.45% in his ownership. Similarly, CFO Zachary Jacob Wasserman sold 8,644 shares on the same day at an average price of $17.63, totaling approximately $152,393.72, reducing his ownership by 3.22%. Insider trading disclosures indicate that company insiders own about 0.92% of the total shares outstanding.

Institutional Investment Trends

Huntington Bancshares has also seen changes in institutional ownership recently. In the third quarter, Asset Dedication LLC increased its stake in the bank by 200.7%, now owning 1,801 shares valued at approximately $26,000. Other institutions have also made new investments, such as Peoples Bank KS and Future Financial Wealth Management LLC, both acquiring new stakes in the third quarter. Around 80.72% of Huntington's stock is owned by institutional investors and hedge funds.

Company Overview

Huntington Bancshares Incorporated serves as the bank holding company for The Huntington National Bank, providing a variety of banking services in the United States. These services encompass commercial, consumer, and mortgage banking, along with various financial products tailored for both individual and business customers, including deposits, loans, payments, investment management, and insurance options.

Truist, Huntington, Stock