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TheStreet Open House

10 Big Bank Stocks Gearing Up for Third-Quarter Earnings (Update 3)

8. Huntington Bancshares
Huntington Bancshares (HBAN) of Columbus, Ohio, has seen its stock return 28% year-to-date, through Friday's close at $6.90. The shares declined 19% during 2011.

The shares trade for 1.3 times tangible book value, and for 10.4 times the consensus 2013 EPS estimate of 66 cents. The consensus 2012 EPS estimate is also 66 cents.

Based on a quarterly payout of four cents, the shares have a dividend yield of 2.32%.

For the 12-month period ended June 30, Huntington's ROA was 1.04%, while the company's ROE was 10.37%.

Analysts polled by Thomson Reuters expect Huntington to report third-quarter EPS of 17 cents, matching the second-quarter results, and increasing a penny from the third quarter of 2011.

Investors will be expecting the company to show continued strong loan growth, as well as continuing defense of its net interest margin, through additional growth of noninterest-bearing checking account deposits.

Jefferies analyst Ken Usdin rates Huntington a "Buy," with a $7.50 price target, saying on Tuesday that "it is unclear whether consensus still has an auto securitization gain baked into 3Q results (the $1B transaction is to close in October, with the gain to be recognized in 4Q."

Usdin added that Huntington's "third quarter should reflect continued progress on strategic initiatives, and we forecast better operating leverage on a Y-Y basis. We expect solid revenue growth driven by strong loan growth (we model EOP +2%, ex. HFS), relative NIM stability, and broad-based strength in fee income (service charges, mortgage, trust, capital markets)."

HBAN Chart HBAN data by YCharts

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

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