2024-04-21 11:34:03 ET
Summary
- Huntington Bancshares reported solid Q1 earnings, beating adjusted EPS estimates by $0.03.
- The company's deposit base remains stable and continues to grow, with consumer deposits rising for 16 straight months.
- HBAN's loan growth is focused on business lending, and credit quality remains strong with low net charge-offs.
- At 10x forward earnings and with buybacks potentially returning early next year, HBAN shares have further upside.
Shares of Huntington Bancshares (HBAN) traded modestly higher on Friday after reporting solid Q1 earnings. The stock has been a laggard over the past year rising just 12% while the S&P 500 has rallied by about 20% as investors still grapple with the aftershocks of the 2023 regional banking crisis. HBAN has performed much better since I rated shares a "strong buy" in October with a 40% gain that has doubled the market's return. In this rally, shares have eclipsed my $12 target, making now a natural time to revisit the stock. I remain bullish....
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Huntington Bancshares: Solid Q1 Leaves Shares With Further Upside