Huntington Bancshares Incorporated (HBAN) on April 20, 2016 reported net income for the 2016 first quarter of $171 million, a $5 million, or 3%, increase from the year-ago quarter. Earnings per common share for the 2016 first quarter were $0.20, up $0.01, or 5%, from the year-ago quarter. Return on average assets was 0.96%, while return on average tangible common equity was 11.9%. Total revenue increased 7% over the year-ago quarter.
“We are pleased to have delivered solid performance for the 2016 first quarter with strong year-over-year gains on revenue and EPS, positioning us well for the year ahead,” said Steve Steinour, chairman, president, and CEO. “Year-over-year performance benefited from core deposit and fee income growth within our disciplined, risk-balanced approach to the business. Small business and middle-market lending in the first quarter reflected ongoing optimism in the continuing strength of our regional economy, despite headwinds within certain sectors and continued global macroeconomic uncertainty and volatility.”
“As we reflect on our performance, we are grateful for a series of recent independent recognitions our colleagues earned through their commitment to our customers,” Steinour said. “We are honored to have again received the TNS Choice Award for Consumer Retail Banking for its 20-state Central Region for the fourth time in the past five years. Also in recent weeks, Huntington received multiple Greenwich Excellence Awards, with Greenwich Associates announcing five categories of distinction for our small business banking practice and naming Huntington the only Midwest bank recognized for ‘Likelihood to Recommend’ wealth and investment services. This customer-driven feedback helps us realize our commitment of doing the right thing and investing in our communities.”
Huntington Bancshares Incorporated earnings per share showed an increasing trend of 12.2% for the current fiscal year. The company’s expected EPS growth rate for next fiscal year is 95%.Analysts project EPS growth over the next 5 years at 7.53%. It has EPS annual growth over the past 5 fiscal years of 33.3% when sales declined -0.3. It reported 11% sales growth, and 5.4% EPS growth in the last quarter.
The stock is trading at $10.45, up 34.44% from 52-week low of $7.83. The stock trades down -10.77% from its peak of $11.9 and 6.7% above the consensus price target of $11.15. Its volume clocked up at 10.28 million shares which is lower than the average volume of 10.85 million shares. Its market capitalization currently stands at $8.43B.
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