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Citigroup Cuts Regional Banks

Huntington Bancshares
Huntington Bancshares (HBAN - Get Report) of Columbus, Ohio, closed at $6.10 Thursday, returning 12% year-to-date, following last year's 19% decline. Based on a quarterly payout of four cents, the shares have a dividend yield of 2.62%.

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The shares trade for 1.2 times tangible book value, and for nine times the consensus 2013 EPS estimate of 66 cents. The consensus 2012 EPS estimate is 63 cents.

Levin has a neutral rating on Huntington Bancshares, with a target price of $6.50. The analyst on Friday left his 2012 EPS estimate of 63 cents unchanged, while lowering his 2013 EPS estimate by three cents to 65 cents, and lowering his 2014 estimate by six cents, to 78 cents.

Citigroup estimates that Huntington's net interest margin will decline from 3.31% this year to 3.21% in 2013 and 2014. Under the "flat rate scenario," the only change to the margin estimates is a slight decline in the 2014 net interest margin estimate to 3.17%.

Levin said that with "BAN's long-term focus, we think in the near-term this stock will largely be driven by macro factors and less by company-specific factors," and that "given its current price and the lack of identifiable company-specific catalysts, we think HBAN is trading close to fair value."

Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.
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ZION $25.93 0.00%
CMA $42.28 0.00%
HBAN $9.86 0.00%
KEY $11.89 0.00%
WFC $48.94 0.00%


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