Huntington Bancshares reported solid revenue expansion during the fourth quarter, although the bottom line was essentially unchanged from the third-quarter, because of expenses tied to regulatory stress tests and because of a higher effective tax rate.
Huntington's shares closed at $6.72 Wednesday, trading for 1.2 times their reported Dec. 31 tangible book value of $5.78, and for 10.3 times the consensus 2013 EPS estimate of 65 cents. The consensus 2014 EPS estimate is 68 cents. Based on a quarterly payout of four cents, the shares have a dividend yield of 2.38%. The company repurchased 23.3 million shares during 2012, at an average price of $6.36. Jefferies analyst Ken Usdin said in a note following the earnings release that "We view the quarter as a touch soft, but the better guide for net interest income (modest growth) and management's trimming of the pace and size of planned investments in '13 should provide some solace." Usdin rates Huntington a "Buy," with a price target of $7.50, estimating the company will earn 65 cents a share in 2013. data by YCharts Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.