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%.
Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.
Written by Philip van Doorn in Jupiter, Fla.