tiprankstipranks
Huntington Q2 Results Exceed Analysts’ Expectations
Market News

Huntington Q2 Results Exceed Analysts’ Expectations

Bank holding company Huntington Bancshares (HBAN) has reported stronger-than-expected Q2 results driven by robust revenue growth and lower provisions.

Adjusted earnings stood at $0.35 per share, beating the Street’s estimates of $0.29. The adjusted figure excludes approximately $0.40 per share after tax impact of TCF acquisition-related items.

Total revenue increased 8% year-over-year to $1.29 billion, surpassing analysts’ expectations of $1.25 billion.

Net interest income climbed 6% to $844 million, while noninterest income grew 14% to $444 million. Rise in card and payment processing income, along with leasing revenue, was partly offset by lower mortgage banking income. (See Huntington stock chart on TipRanks)

Further, the capital position remained strong as reflected by common equity tier 1 risk-based capital ratio of 9.97%, compared to 9.84% in the year-ago quarter.

The Chairman, President, and CEO at Huntington, Steve Steinour, said, “We are seeing encouraging signs of the economic recovery, and customer activity is starting to normalize. Lending pipelines have continued to grow across the board, reflecting our view of increased loan demand later this year.”

Last month, Raymond James analyst David Long upgraded the rating on the stock to Buy with a price target of $20 (upside potential of 25.4%).

Long noted, “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.”

Consensus among analysts is a Moderate Buy based on 3 Buys and 3 Holds. The average Huntington price target of $16.50 implies upside potential of 14.9% from current levels.

According to TipRanks’ Smart Score system, Huntington gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages.

Related News:
T. Rowe Shares Slip 1.4% Despite Impressive Q2 Results
Nokia Reports Upbeat Q2 Results; Lifts Guidance
Northern Trust & SCB’s CryptoAsset Custody Business Bags FCA Registration

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles