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Based in Columbus, Ohio, Huntington Bancshares Incorporated (HBAN) is a multi-state regional bank holding company that provides banking, payments, wealth management, and risk management products and services. Valued at a market cap of $21.1 billion, the company offers its products through a network of channels, including branches and ATMs, online and mobile banking, and customer call centers.
Companies worth more than $10 billion are generally described as “large-cap” stocks, and Huntington Bancshares fits this criterion perfectly. The company operates approximately 970 branches in 11 states and focuses on deep relationship-building to best meet each customer’s specific needs.
Shares of HBAN are trading 2.1% below their 52-week high of $15.24. The bank holding company has gained 19.3% over the past three months, surpassing the broader Dow Jones Industrials Average’s ($DOWI) 8.3% return over the same time frame.
Moreover, in the longer term, HBAN stock is up 16.8% on a YTD basis, surpassing DOWI’s 11.6% gains. Shares of HBAN have rallied 40.6% over the past 52 weeks, outperforming DOWI’s 21.8% returns over the same time frame.
To confirm its bullish trend, HBAN has been trading above its 200-day and 50-day moving averages since November last year despite a few fluctuations.
On Jul. 19, shares of HBAN surged 3.9% following its better-than-expected Q2 earnings release. The company’s EPS of 30 cents surpassed the Wall Street estimates of 28 cents, and its revenue net of interest expense of $1.82 billion also topped the Street forecasts of $1.81 billion. This was driven by improvements in average loans and deposits despite a fall in net interest income (NII) and elevated expenses.
HBAN has outpaced its rival, Comerica Incorporated’s (CMA) 9.5% gain on a YTD basis but has slightly lagged behind CMA’s 41.5% returns over the past 52 weeks.
Despite HBAN’s outperformance, analysts remain cautiously optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from the 20 analysts covering the stock, and the mean price target of $16.53 suggests a premium of 13.5% to its current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
