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Why Huntington Bancshares (HBAN) Stock Is Down Today

NEW YORK (TheStreet) -- Huntington Bancshares  (HBAN) dipped Wednesday despite the bank holding company's first-quarter earnings report that edged analysts' expectations.

The company reported earnings of $149.1 million, or 17 cents a share, down from $153.3 million, or 17 cents a share, in the same period one year earlier. Revenue rose less than 1% year over year to $691.9 million. Analysts polled by Thomson Reuters had expected earnings of 17 cents a share on revenue of $676 million.

Net interest margin, a crucial metric for measuring profitability, declined year over year to 3.27% from 3.42%.

The bank also authorized a $250 million share repurchase program, which is approximately 10% larger than the program it recently completed.

Huntington also incurred $12 million in expenses from its acquisition of Camco Financial, which it announced in October. The company's litigation reserve also increased by $9 million.

The stock was down 2.43% to $9.24 at 11:11 a.m. on Thursday.

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Separately, TheStreet Ratings team rates HUNTINGTON BANCSHARES as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate HUNTINGTON BANCSHARES (HBAN) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, expanding profit margins and attractive valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • Compared to its closing price of one year ago, HBAN's share price has jumped by 26.44%, exceeding the performance of the broader market during that same time frame. Regarding the stock's future course, although almost any stock can fall in a broad market decline, HBAN should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • The gross profit margin for HUNTINGTON BANCSHARES is currently very high, coming in at 91.14%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 22.02% significantly outperformed against the industry average.
  • Regardless of the drop in revenue, the company managed to outperform against the industry average of 12.1%. Since the same quarter one year prior, revenues slightly dropped by 7.8%. The declining revenue appears to have seeped down to the company's bottom line, decreasing earnings per share.
  • The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. Compared to other companies in the Commercial Banks industry and the overall market on the basis of return on equity, HUNTINGTON BANCSHARES has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P 500.
  • You can view the full analysis from the report here: HBAN Ratings Report

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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