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Huntington Bancshares Incorporated (HBAN) provides commercial, consumer, and mortgage banking services. With a market cap of $35.5 billion, 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.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and HBAN perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the banks - regional industry. HBAN's strong Midwest presence and "Fair Play Banking" drive customer loyalty.
Despite its notable strength, HBAN slipped 11.6% from its 52-week high of $19.46, achieved on Feb. 6. Over the past three months, HBAN stock gained 13.2%, underperforming the iShares U.S. Regional Banks ETF’s (IAT) 15% gains during the same time frame.
Shares of HBAN fell marginally on a YTD basis but climbed 11% over the past 52 weeks, underperforming IAT’s YTD gains of 8% and 28.7% returns over the last year.
To confirm the recent bullish trend, HBAN has been trading above its 50-day and 200-day moving averages since early June, with minor fluctuations.
On Apr. 23, HBAN shares rose slightly after reporting its Q1 results. Its adjusted EPS of $0.37 exceeded Wall Street expectations of $0.36. The company’s revenue net of interest expense was $2.6 billion, meeting Wall Street forecasts.
In the competitive arena of banks - regional, M&T Bank Corporation (MTB) has taken the lead over HBAN, showing resilience with a 12.1% uptick this year and 26.9% gains over the past 52 weeks.
Wall Street analysts are bullish on HBAN’s prospects. The stock has a consensus “Strong Buy” rating from the 20 analysts covering it, and the mean price target of $19.71 suggests a notable potential upside of 14.5% from current price levels.
