Post-Earnings Recap and Analysis -- Huntington Bancshares
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25 Jul, 2014, 08:50 ET
LONDON, July 25, 2014 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings recap and analysis on Huntington Bancshares Inc. (NASDAQ: HBAN) as the company recently featured in the headlines on Friday, July 18, 2014, for reporting 5% year-over-year growth in revenue and 12% year-over-year increase in earnings per common share in the second quarter of 2014, beating market expectations. Our free coverage report can be accessed at:
For the second quarter of 2014, Huntington Bancshares Inc. reported a 9% year-over-year rise in its net income, while the average loans and leases improved 9% year-over-year to $45.0 billion. During this period, the company reported 1.07% return on average assets and 10.8% return on average common equity. The bank's efficiency ratio has improved to 62.7% from 63.7% in the comparable prior year quarter, whereas the net charge-offs declined to 0.25% of average loans and leases. The free research on HBAN can be downloaded as in PDF format at:
Steve Steinour, Chairman, President and CEO of Huntington Bancshares, expressed satisfaction with the company's second quarter performance as the bank successfully reported both total revenue and net interest income growth on year-over-year basis. He also stated that during the quarter the regional bank was rated "Highest Customer Satisfaction with Retail Banking in the North Central Region," in a retail banking customers' survey by J.D. Power.
During the quarter, the company repurchased 12.10 million common shares at an average price of $9.17 per share. The Columbus, Ohio-based bank's net income of $164.6 million, or $0.19 a share, outperformed Bloomberg consensus estimate of $147.36 million, or $0.18 a share. Total revenue of $716.80 million was above the $683.40 million reported in the comparable prior year's quarter and market expectations of $695 million. Fully-taxable equivalent (FTE) net interest income of the bank also grew 8.16% Y-o-Y to $466.7 million during the quarter. During the quarter, nonperforming assets (NPAs) decreased by 9% Y-o-Y to $362.09 million, while the FTE net interest margin fell by 10 basis points Y-o-Y to 3.28%. Additionally, the bank declared a quarterly dividend of $0.05 a share, payable on October 1, 2014 to shareholders of record as on September 17, 2014. Sign up and read the free analyst's notes on HBAN at:
On Friday, July 18, 2014, after the earnings release, Huntington Bancshares Inc.'s shares surged 4.84% to close the session at $9.75. At the last close, on Thursday, July 24, 2014, Huntington Bancshares's shares finished the day 1.12% higher at $9.97. The company's shares oscillated between $9.87 and $10.01 during the trading session. A total of 9.86 million shares were traded, higher than its three months average volume of 8.64 million shares. Huntington Bancshares Inc.'s shares have advanced 2.36% in the previous three trading sessions, 4.40% in the last one month, and 3.32% on YTD basis. The company's shares are trading above their 50-day and 200-day moving averages of $9.47 and $9.34, respectively. The stock traded at a PE ratio of 13.12 and has a Relative Strength Index (RSI) of 59.36. Visit Investor-Edge and access the latest research on HBAN at:
Sneak Peek to Corporate Insider Trading
In the last one month, the company has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on HBAN is available at:
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