Huntington Bancshares Incorporated (NASDAQ:HBAN) has reached a new 52-week high, with its shares hitting $15.215. This milestone reflects a significant increase in the company's stock value, marking a noteworthy event for investors and shareholders. Over the past year, HBAN has seen a substantial growth, with a 1-year change of 24.82%. This impressive performance underscores the bank's resilience and adaptability in a challenging economic environment. The 52-week high serves as a testament to the company's strong financial position and its potential for future growth.
In other recent news, Huntington Bancshares has been the subject of various analyst evaluations and strategic developments. DA Davidson has raised the price target for the company to $17.50, citing the firm's consistent 2024 outlook and above-average growth in loans and deposits. In contrast, Piper Sandler downgraded the company to Neutral and reduced its price target to $11.50 following updates from larger banks.
RBC Capital has maintained an Outperform rating on the company, raising the price target to $17, citing solid second-quarter results and growth-driving initiatives. UBS also adjusted its financial outlook for the company, reducing the price target to $15 while maintaining a Buy rating.
JPMorgan (NYSE:JPM) upgraded the company from Neutral to Overweight, raising its price target to $18.00, reflecting confidence in the bank's growth potential. Huntington Bancshares reported second-quarter earnings of $0.30 per share, surpassing the consensus estimate by $0.02.
The company's deposit growth, which saw an average annualized increase of 7.7%, outpaced its peers despite a previous substantial downward adjustment in net interest income guidance. Notably, the company reaffirmed its outlook for 2024. Lastly, Huntington Bancshares announced the appointment of Angie Klett as President of Huntington Insurance, Inc., and plans to launch two new deposit verticals in 2024.
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