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10 Bank Stocks You Need to Watch During Earnings Season (Update 1)

9. Huntington Bancshares
Huntington Bancshares (HBAN) of Columbus, Ohio, closed at $6.40 Friday, returning 18% year-to-date, after declining 19% during 2011.

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Based on a four-cent quarterly payout, the shares have a dividend yield of 2.50%.

The shares trade for 1.2 times tangible book value, and for 9.7 times the consensus 2013 EPS estimate of 66 cents. The consensus 2012 EPS estimate is 64 cents.

The company plans to repurchase up to $182 million in common shares through the first quarter of 2013.

Huntington will report its second-quarter results on July 19, with a consensus EPS estimate of 15 cents, declining from 17 cents in the first quarter, and 16 cents during the second quarter of 2011.

Deutsche Bank analyst Matt O'Connor rates Huntington a "Hold," saying on Friday that his firm's second-quarter EPS estimate is in line with the consensus and assumes "5m shares (0.6% of outstanding) are repurchased in 2Q." O'Connor also said that Huntington's $80 million in second-quarter trust preferred redemptions should result in a gain of less than a penny a share, but will boost the net interest margin by one to two basis points per full quarter.

Deutsche Bank expects "average loan growth (including loans held for sale) of 4.3% (2.0% ex deals completed late 1Q), with growth in C&I, auto, residential mortgage and home equity and lower commercial real estate," and for a "seasonal increase in service charge revenue to be mostly offset by lower mortgage banking (we estimate down 8% un-annualized on a reported basis but +10% ex MSR hedge gains which were +$7.6m in 1Q and we estimate zero in 2Q)."

The bottom line for second-quarter noninterest income is an expected decline of $34 million, or 12%, "given the special items noted above."

Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.
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