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10 Bank Stock Picks for Bottom-Fishing Investors

10. Huntington Bancshares

Huntington Bancshares of Columbus (HBAN - Get Report), Ohio, closed at $4.71 Wednesday, down 20% from a week earlier and down 31% year-to-date.

The shares traded just below their tangible book value $4.92, according to SNL Financial.

Huntington raised its quarterly dividend payout to four cents from a penny, when the company announced its second quarter results. Based on the increased payout, the shares had a dividend yield of 3.40% at Wednesday's close.

The company earned $145.9 million, or 16 cents a share, during the second quarter, increasing from $126.4 million, or 14 cents a share in the first quarter and $48.8 million, or three cents a share, in the second quarter of 2010. The second-quarter results were boosted by a $62.1 million release of loan loss reserves. Huntington said that total loans increased 4% from a year earlier, with a 9% increase in commercial and industrial loans and 28% year-over-year increase in automobile loans.

Guggenheim Securities analyst Jeff Davis upgraded Huntington to a "buy" rating in July, with a $7 price target, calling the upgrade "a valuation call for a solidly performing Midwest regional bank," and that was when the shares were trading much higher, at 6.09.

The shares trade for 7.7 times the consensus 2012 earnings estimate of 68 cents a share, among analysts polled by FactSet.

Out of 17 analysts covering Huntington Bancshares, 10 rate the shares a buy, six have neutral ratings and one analyst recommends selling the shares.
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