Huntington (HBAN) has launched a new product, Early Pay, which allows its customers to receive paychecks and other benefits up to two days early. The service is being provided to customers who have consistent qualifying direct deposit history with Huntington, at no additional charge.
Earlier this month, Huntington launched Standby CashSM to support customers with emergency expenses. The product gives access to up to $1,000 with no interest or fees if customers sign up for automatic payments. Notably, qualification for the service is based on how customers manage their checking accounts. (See Huntington stock chart on TipRanks)
CEO of Huntington Steve Steinour said, “We must continue to innovate to meet the rapidly changing needs and preferences of our customers.”
He added, “Early Pay is another example of how Huntington listens to customers, addresses pain points and innovates on their behalf.”
On June 23, Raymond James analyst David Long upgraded the stock’s rating to Buy and raised his price target to $18 (25.6% upside potential).
Long said, “We remain bullish on HBAN shares long-term given its continued focus on positive operating leverage and ability to produce consistent profitability, as well as expected improvement in profitability via its acquisition of TCF Financial.”
Based on 4 Buys and 6 Holds, the stock has a Moderate Buy consensus rating. The average Huntington price target of $16.85 implies 17.6% upside potential from current levels. Shares have gained 61.6% over the past year.
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Huntington is currently Neutral, as the cumulative change in holdings across all 6 hedge funds that were active in the last quarter was a decrease of 85,100 shares.
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