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A multi-state diversified regional banking player that insiders are snapping up shares in here is
Huntington Bancshares (
HBAN). Insiders are buying this stock into decent strength, since shares are up by 16.2% so far in 2013.
Huntington Bancshares has a market cap of $6.2 billion and an enterprise value $7.1 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 10.47 and a forward price-to-earnings of 10.62. Its estimated growth rate for this year is -5.6%, and for next year it's pegged at 4.5%. This is not a cash-rich company, since the total cash position on its balance sheet is $1.41 billion and its total debt is $2.47 billion. This stock sports a dividend yield of 2.8%.
A director just
bought 100,000 shares, or about $711,000 worth of stock, at $7.12 per share.
From a technical perspective, HBAN is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending strong for the last six months, with shares soaring higher from its low of $5.74 to its recent high of $7.55 a share. During that uptrend, shares of HBAN have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of HBAN within range of triggering a major breakout trade.
If you're bullish on HBAN, then look for long-biased trades as long as this stock is trending above some key near-term support at $7 or above its 50-day at $7.26, and then once it breaks out above some near-term overhead resistance levels at $7.51 to its 52-week high at $7.55 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 10.13 million shares. If that breakout triggers soon, then HBAN will set up to enter new 52-week-high territory above $7.55, which is bullish technical price action. Some possible upside targets off that breakout are $9.50 to $10 a share.
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