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Huntington Bancshares Incorporated (HBAN), headquartered in Columbus, Ohio, is a leading regional bank holding company offering comprehensive financial services and products. With a market cap of $19.14 billion, HBAN serves a diverse customer base, including individuals, small and mid-sized businesses, and commercial enterprises. Known for its customer-centric approach and community involvement, the company provides personal and commercial banking, wealth management, and insurance services. HBAN is scheduled to announce its fiscal second-quarter earnings before the market opens on Friday, Jul. 19.
Ahead of the event, analysts expect HBAN to report a profit of $0.28 per share, down 20% from $0.35 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.28 per share for the last reported quarter surpassed the consensus estimate by 12%. Higher average loans and deposits despite lower net interest income and increased expenses aided Huntington Bancshares' Q1 2024 EPS results.
For fiscal 2024, analysts expect HBAN to report EPS of $1.18, down 13.2% from $1.36 in fiscal 2023. Fiscal 2025 EPS is expected to grow 16.1% year over year to $1.37.
HBAN stock is up 3.9% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 15.5% returns and the iShares U.S. Financials ETF’s (IYF) 12% gains over the same time frame.
Huntington Bancshares reported its Q1 earnings on Apr. 19, beating Wall Street estimates for both EPS and revenue. The stock rose modestly on the earnings release day and has maintained an uptrend since then.
The consensus opinion on HBAN stock is optimistic, with an overall “Moderate Buy” rating. Out of 19 analysts covering the stock, 10 advise a “Strong Buy” rating, two recommend a “Moderate Buy,” six suggest a “Hold,” and one recommends a “Strong Sell.” This configuration is slightly more bullish than three months ago when HBAN had eight “Strong Buy” ratings.
The average analyst price target for HBAN is $15.03, indicating a potential upside of 13.8% from the current levels.
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.
