What to expect from Huntington Bancshares’ second-quarter 2024 results?

Huntington Bancshares Incorporated (HBAN), headquartered in Columbus, Ohio, is a leading regional financial services and products holding company. With a market capitalization of $19.14 billion, HBAN serves a diverse customer base, including individuals, small and medium-sized businesses, and commercial enterprises. Known for its customer-centric approach and community involvement, the company provides personal and commercial banking, wealth management, and insurance services. HBAN is scheduled to report fiscal second-quarter earnings before the market opens on Friday, July 19.

Ahead of the event, analysts expect HBAN to report earnings of $0.28 per share, down 20% from $0.35 per share in the year-ago quarter. The company has consistently topped Wall Street earnings per share estimates in its last four quarterly reports.

Adjusted earnings per share of $0.28 for the most recently reported quarter topped consensus estimates by 12%. Higher average loans and deposits, despite lower net interest income and increased expenses, weighed on Huntington Bancshares’ first-quarter 2024 earnings per share.

Analysts forecast that HBAN will report earnings per share (EPS) of $1.18 in fiscal 2024, down 13.2% from earnings of $1.36 in fiscal 2023. Earnings per share (EPS) in fiscal 2025 are expected to increase year over year by 16.1% to $1.37.

HBAN shares are up 3.9% year-over-year, lagging the 15.5% return of the broader S&P 500 ($SPX) and the 12% gain of the iShares US Financials ETF (IYF) over the same period.

Huntington Bancshares reported its first-quarter results on April 19, beating Wall Street estimates in both earnings per share and revenue. The stock rose slightly on the day of the results and has been on an upward trend since then.

The consensus view on HBAN stock is bullish, with an overall rating of “Moderate Buy.” Of the 19 analysts covering the stock, 10 recommend a “Strong Buy” rating, two recommend a “Moderate Buy,” six suggest a “Hold,” and one recommends a “Strong Sell.” This setup is slightly more bullish than three months ago, when HBAN had eight “Strong Buy” ratings.

The average analyst price target for HBAN shares is $15.03, indicating a potential upside of 13.8% from current levels.

On the date of publication, Rashmi Kumari did not hold (directly or indirectly) a position in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please refer to Barchart’s Disclosure Policy here.