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 data by YCharts
Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.
Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV