Huntington Bancshares (HBAN) is a diversified regional bank holding company based in Columbus, Ohio. Founded in 1866, the company operates via its banking subsidiary, Huntington National Bank, and its associated entities. Valued at $20.41 billion by market cap, it offers a wide array of banking, payment, wealth management, and risk management solutions to individuals, small and medium-sized enterprises, large corporations, municipalities, and various other entities.
HBAN stock has significantly outperformed the broader market over the last year. The stock has gained 49.1% over this time frame, while the broader S&P 500 Index ($SPX) rallied 27.2%. In 2024, HBAN shares gained nearly 12%, marginally surpassing SPX’s 10% gains on a YTD basis.
Zooming in further, HBAN’s outperformance looks more pronounced compared to the iShares U.S. Regional Banks ETF (IAT). The exchange-traded fund’s 3.5% gains on a YTD basis significantly lags HBAN’s returns for the same period.
On Apr. 19, Huntington Bancshares reported its Q1 earnings, beating Wall Street estimates for both EPS and revenue. The stock rose modestly on the day of the earnings release and has maintained an uptrend since then.
For the current fiscal year, ending in December 2024, analysts expect HBAN’s EPS to decline by 11% year over year to $1.21 on a diluted basis. The company's earnings surprise history is robust. It beat the consensus estimate in each of the last four quarters.
Among the 20 analysts covering HBAN stock, the consensus rating is a “Moderate Buy.” That’s based on 10 “Strong Buy” ratings, two “Moderate Buys,” and eight “Holds.”
This configuration is significantly more bullish than three months ago, with six suggesting a “Strong Buy.”
On May 2, Barclays analyst Jason Goldberg maintained a “Hold” rating on Huntington Bancshares and set a price target of $15.00.
The mean price target of $15.22 represents an 8.1% premium to HBAN’s current price levels. The Street-high price target of $16 suggests an upside potential of 13.6%.
On the date of publication, Rashmi Kumari 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.
