Huntington Bancshares (HBAN) of Columbus, Ohio, has seen its stock return 19% year-to-date, closing Friday at $6.49. During 2011, the shares declined 19%. Based on a quarterly payout of four cents, the shares have a dividend yield of 2.47%.
The shares trade for 1.3 times tangible book value, and for 10 times the consensus 2013 EPS estimate of 67 cents. The consensus 2012 EPS estimate is 63 cents.
Ken Usdin's price target for Huntington Bancshares is $7.50.Harmon said that Huntington's Midwest markets were "earlier to dip into recession, but have been quicker to rebound than most parts of the country. As a result, unemployment levels now compare favorably to other regions (OH, PA, and WV all below the national average), and housing prices have been more stable in recent quarters." Harmon added that "the resurgence in manufacturing has been a tailwind to loan growth, and we look for strong demand to continue in the near-term, and that along with new manufacturing investments by several blue chip companies, "the prospects for the shale oil/gas industry are bright, and HBAN is well-positioned to benefit," although competition is fierce. Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.
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