Earnings Preview: Huntington Bancshares

Jul.16.08 | About: Huntington Bancshares (HBAN)

Huntington Bancshares (NASDAQ:HBAN) is expected to report Q2 earnings before market open on Thursday, July 17, with a conference call scheduled for 1:00 pm ET.

Guidance

Analysts are looking for EPS of 23c on revenue of $621.15M. The consensus range for EPS is 19c to 35c, while the consensus range for revenue is $597.42M to $641.10M, according to First Call.

Analyst Views

Huntington Bancshares was initiated with a Hold and a $7 target by Citigroup on June 25.

On June 20, the bank predicted that its 2008 net charge-offs will be near the high end of its previous guidance of 0.60% to 0.65% of average total loans and leases. The company added that it expects to report Q2 net charge-offs of an annualized 0.60% to 0.65% of average total loans and leases. The Q2 provision for credit losses will exceed net charge-offs by approximately $55M to $65M, compared with $40.2M in Q1, the bank estimated.

Huntington Bancshares may still need to obtain more capital, UBS said on June 20. UBS maintained their Neutral rating on the shares.