Huntington Bancshares Occupies A Favorable Niche
Jan. 16, 2014, 6:00 AM
- Huntington Bancshares Incorporated (HBAN): Q4 EPS of $0.18 beats by $0.01.
- Revenue of $685.5M (-6.3% Y/Y) beats by $6.2M.
Jan. 16, 2014, 12:05 AM
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Jan. 14, 2014, 9:38 AM
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Nov. 8, 2013, 10:41 AM
- Up sharply as interest rates fly higher (the 10-year is up 15 basis points to 2.75%) are the life insurers - all of whom have had their investment returns more than a little constrained by puny yields. IAK +2.4%
- MetLife (MET +5.9%), Prudential (PRU +4.5%), Lincoln National (LNC +6.8%), Hartford (HIG +3.1%).
- Also set to benefit from a steeper yield curve (if we're to believe their models) are the banks, and they're leading the S&P 500 higher. The TBTFs: Bank of America (BAC +3.3%), JPMorgan (JPM +3.1%), CItigroup (C +3.3%), Wells Fargo (WFC +2.6%). The regionals (KRE +3.4%): Huntington (HBAN +2.6%), Regions (RF +4.2%), PNC (PNC +2.8%), FIfth Third (FITB +3.4%), First Niagara (FNFG +2%), Keycorp (KEY +3.5%), Zions (ZION +4.1%), Comerica (CMA +3.1%).
- The XLF +1.9%.
- FInancial sector ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, KIE, SEF, IAT, IAI, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, RWW, FINU, RYF, KRU, KBWR, PSCF, KBWP, KBWI, KRS, FINZ, FNCL
Nov. 5, 2013, 12:48 PM
- New CCAR guidelines are largely inline with last year, says the team at Credit Suisse, but some variables pose more onerous assumptions and could keep capital distributions more conservative than otherwise expected, though still improved from last year.
- The incorporation of a large counterparty default scenario is particularly of note for those banks with material trading and custodial operations. The bar for CCAR passage is thus raised for: BAC, BK, C, GS, JPM, MS, STT, and WFC.
- Additionally, the weakening of economic activity in the severely adverse scenario appears worse than last year. Also included is a reversal in the recent improvement in U.S. housing and the European economy.
- Those best-positioned for excess capital deployment: AXP, HBAN, KEY, NTRS, RF, and USB. Bank of New York, Goldman, State Street, and Wells Fargo all have the honor of ending up on both lists.
- ETFs: KBE, KBWB.
Oct. 17, 2013, 10:57 AM
- The bank was able to beat its number, says Jefferies' Ken Usdin, thanks to a larger than expected reserve release. Loan loss reserves declined by $67M and provisions fell to $11.4M from $24.7M in Q2 and $37M a year ago.
- The company notes, says Usidn, that this provision is below long-term expectations and should "normalize" going forward, thus hurting earnings.
- Usdin retains his Buy rating with $9 price target.
- On the earnings call, Huntington (HBAN -0.1%) CEO Steinour notes the rollout of a consumer credit card - called "voice card" - during the quarter, allowing customers to forego rewards in exchange for an interest rate 300 basis points lower than otherwise.
- Earlier: Q3 results.
Oct. 17, 2013, 7:07 AM
- Net interest income of $431.5M is flat from Q2, off 1% from a year ago. Net interest margin of 3.34% is off 4 basis points from both Q2 and a year ago.
- Noninterest income of $250.5M is up 1% from Q2, off 4% from a year ago. Total loans and leases gained 2% Q/Q, 5% Y/Y, with mortgage business actually gaining a bit both sequentially and Y/Y. Commercial real estate loans, however, fell 14% from last year due to runoff and the inability to find new business. Auto loans were 15% higher Q/Q and 49% higher Y/Y. Adjusted for one-time items, noninterest expense fell about 2.5% from Q2. Efficiency ratio drops to 60.6% from 64%.
- Tangible book value per share rises 7% to $6.10.
- Conference call at 10 ET.
- HBAN unchanged premarket.
Oct. 17, 2013, 6:08 AM
- Huntington Banc (HBAN): Q3 EPS of $0.20 beats by $0.03.
- Revenue of $682M misses by $2.65M. (PR)
Oct. 17, 2013, 12:05 AM
Oct. 16, 2013, 5:30 PM
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Oct. 10, 2013, 9:01 AM
- Community bank acquisition fans get their tails in the air as Huntington Bancshares (HBAN) agrees to acquire Ohio's Camco Financial (CAFI) in a $97M transcation, based on last night's closing price of Huntington.
- Camco shareholders can choose to receive 0.7264 shares of HBAN stock or $6 per share in cash for their holdings. The sale is expected to close in 2014 H1.
- Camco has 22 branches, $800M in assets, and $600M in deposits.
- Huntington expects the deal to be accretive to EPS in year 1.
- CAFI + 44.6% premarket to $5.71.
Oct. 8, 2013, 7:23 AM
Sep. 25, 2013, 7:15 AM
- Huntington Bank's (HBAN) Huntington Auto Finance expands further into the Midwest and is now open for business in Iowa. A "seasoned team with local market knowledge" has been hired and the bank is available to process loan applications for more than 300 dealers in the state.
Huntington Bancshares, Inc. is a multi-state diversified regional bank holding company. It provides full-service commercial, small business, consumer, and mortgage banking services, as well as automobile financing, equipment leasing, investment management, trust services, brokerage services,... More
Industry: Regional - Midwest Banks
Country: United States
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