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Valued at a market cap of $20.6 billion, Huntington Bancshares Incorporated (HBAN) provides commercial, consumer, and mortgage banking services. The Columbus, Ohio-based company also provides a comprehensive suite of payments, wealth management, and risk management products and services. It is expected to announce its fiscal Q3 earnings results on Friday, Oct. 18.
Ahead of the event, analysts project the bank holding company to report a profit of $0.30 per share, a decline of 16.7% from $0.36 per share in the year-ago quarter. However, the company has consistently surpassed Wall Street's bottom-line estimates in the last four quarters. In Q2, the company topped the consensus estimates by 7.1%.
For fiscal 2024, analysts expect HBAN to report an EPS of $1.19, down 12.5% from $1.36 in fiscal 2023. Nevertheless, EPS is expected to grow 15.1% year-over-year to $1.37 in fiscal 2025.
Shares of Huntington have surged 43.9% over the past 52 weeks, outpacing both the S&P 500 Index's ($SPX) 34.8% rise and the Financial Select Sector SPDR Fund’s (XLF) 38.7% return over the same period.
On Jul. 19, shares of HBAN rose 3.9% after its stronger-than-expected Q2 earnings of $0.30 per share and adjusted revenue of $1.8 billion. Investors reacted positively to the bank's strong credit quality and sequential improvement expectations for interest income in the second half of 2024, suggesting resilience amid economic challenges. Additionally, the company’s commitment to maintaining its annual net interest income forecast reassured investors about its stability in a volatile environment.
Analysts' consensus view on Huntington Bancshares’ stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 19 analysts covering the stock, 10 recommend a "Strong Buy," one suggests a "Moderate Buy," seven recommend “Hold,” and one indicates a “Strong Sell” rating. This configuration has remained fairly stable over the past three months.
The average analyst price target for HBAN is $16.53, indicating a 16.7% potential upside from the 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.
