NEW YORK (TheStreet) -- Shares of Huntington Bancshares (HBAN) - Get Report were climbing on heavy-trading volume mid-Wednesday afternoon after the company reported better-than-expected earnings and revenue for the 2016 third quarter.
Before today's opening bell, the Columbus-based regional bank reported adjusted earnings of 22 cents per share, topping analysts' estimates of 21 cents per share.
Revenue for the quarter was $927 million, sharply higher than Wall Street's projected $790 million.
In the third quarter, the company posted an efficiency ratio of 75%. Wall Street was looking for 63.2%. A bank's efficiency ratio is the ratio of its non-interest expense to revenues.
The company closed its $3.4 billion acquisition of financial services company FirstMerit in August, which "strengthened [Huntington's] return profile," Huntington CEO Steve Steinour said in a company statement.
Huntington said that the integration of the two companies is proceeding as scheduled, and plans to complete a majority of the system conversions related to the merger in the 2017 first quarter.
More than 19.59 million shares have traded so far today vs. the 30-day average of 10.40 million.
(Huntington Bancsharesis held in David Peltier's Stocks Under $10 portfolio. See all of his holdings with afree trial.)
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: HBAN