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Huntington Puts Brakes on Home Loans Following Fed Rules

Huntington repurchased 3.7 million shares during the third quarter, at an average price of $6.68 a share. The company's Tier 1 common risk-based capital ratio was 10.28% as of Sept. 30, increasing from 10.08% the previous quarter.

Stifel Nicolaus analyst Christopher Mutascio said that "while 3Q12 results reflected a somewhat disappointing deceleration following the 5.3% growth reported in the second quarter, the result was consistent with what we have seen thus far in 3Q12 from other large cap banks and largely reflects slowing economic conditions that occurred over the summer."

Mutascio estimated that "that core EPS was roughly $0.17 for the quarter," excluding the tax benefit, and said the company missed his operating EPS estimate of 18 cents mainly because of "timing/size of expected auto loan securitizations. "

Stifel Nicolaus rates Huntington a "Hold."

Huntington's shares returned 31% year-to-date, through Wednesday's close at $7.05.

The shares trade for 1.2 times their reported Sept. 30 tangible book value of $5.71, and for 10.5 times the consensus 2013 EPS estimate of 67 cents. Based on a quarterly payout of four cents, the shares have a dividend yield of 2.27%.

HBAN Chart HBAN data by YCharts

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


-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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