HARP stands for Home Affordable Refinance Program. The program was put in place by the Federal Housing Finance Agency and expanded by President Obama last year to enable qualified borrowers with mortgage loans held by Fannie Mae and Freddie Mac to refinance their entire loan balances, no matter how much the value of the collateral home has declined.
Huntington's shares were up 1% in premarket trading to $7.26.
The stock closed at $7.22 Tuesday, returning 14% this year, following a 19% return during 2012. The shares trade for 1.2 times their reported March 31 tangible book value of $5.91, and for 10.5 times the consensus 2014 EPS estimate of 69 cents. The consensus 2013 EPS estimate is 67 cents.
The company increased its quarterly payout to 5 cents a share, for a dividend yield of 2.77%. Huntington's board has authorized share buybacks of up to $227 million. The company's share repurchases during the first quarter totaled 4.7 million shares during the first quarter, at an average price of $7.07.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. Follow @PhilipvanDoorn
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