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Stephen Steinour, Huntington Bank CEO, joins 'Power Lunch' to discuss the bank's earnings, loan demand and the state of the consumer.
Increases in NII and non-interest income aid Huntington's (HBAN) Q2 revenue growth. However, higher expenses are concerns.
Although the revenue and EPS for Huntington Bancshares (HBAN) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Huntington Bancshares (HBAN) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.36 per share a year ago.
Huntington Bancshares (NASDAQ:HBAN) has reported second-quarter revenue that was in line with market expectations but earnings that surprised to the upside as it benefitted from rising interest rates and demand for commercial loans. The Columbus Ohio-based bank holding company grew net interest income (NII) by 7.1% to $1.35 billion over the three months to June 30, 2023, while non-interest income rose 2.1% year-over-year to $495 million.
Huntington (HBAN) is expected to have recorded a decline in interest income in the second quarter of 2023 due to softer loan demand. Also, rising expenses and reserves are concerns.
Why investors should use the Zacks Earnings ESP tool to help find stocks that are poised to top quarterly earnings estimates.
Huntington Bancshares is an undervalued regional bank with a solid 5.7% dividend yield, making it an attractive option for income-oriented investors. The bank has a strong liquidity position and managed to grow its deposits in Q1, while many other regional banks posted deposit losses. Investors can buy Huntington Bancshares at a 21% discount to the 1-year average price-to-book ratio and enjoy a 5.7% dividend yield while waiting for the valuation to reset to the upside.
Huntington's (HBAN) fund finance banking team will expand its subscription finance business and offer greater fee opportunities across Middle Market, Corporate and Capstone.
Regional bank stocks are gradually emerging from the crisis that struck the industry in March 2023.