Huntington Bancshares Inc. (NASDAQ:HBAN) continues to move up

Posted by Nathan Alexander July 11, 2013 0 Comment 1349 views

On Tuesday, shares of Huntington Bancshares Inc (NASDAQ:HBAN) were traded in the range between $8.34 and $8.55. They settled to close at $8.46. The stock seemed to have some sort of support at the levels of $8.31 and $8.21. During the last week, the shares of Huntington Bancshares have gained about 7.5% and they have increased more than 23% in the year 2013.

In a research note which was issued on July 10th, target price on shares of Huntington Bancshares were boosted from $7.25 to $8.50 by UBS AG as a result of the drop of 1.88% in shares of Huntington Bancshares Incorporated to $8.30. Currently, the firm has a “neutral” rating over the stock. In addition, on July 9th, an “underweight” rating on the shares of Huntington Bancshares were reiterated by the analysts at Barclays Capital in a research note to the investors.

On July 9th, the company announced that Harry Farver has been named the chief auditor of Huntington Bancshares. Farver, who was serving as the interim chief auditor, will now report to the Huntington Board of Directors’ audit committee directly. Farver will be directing the internal audit functions and also will act as the interface on audit and control matters between the board and executive leadership team of the bank.

Huntington National Bank which is providing commercial, small business and consumer banking services is at present dropped -2.77% on trading of 7,683,993 shares. For the Huntington National Bank, Huntington Bancshares Incorporated is operating as the holding company. Currently, Huntington Bancshares Incorporated is down -3.81% from its 12-month high and this has prompted the Equity Profile Report to include the stock in their NASDAQ Decliners Watch List.

Banking stocks of Popular Inc, Huntington Bancshares Incorporated and PNC Financial Services is continuing to make their headway at the time when growth in stocks of leading banking corporations hold back by the expectations of more strict capital rules. Huntington Bancshares is trading at a forward price earnings ratio of 12.2 and is offering a dividend yield of 2.3%.

About Nathan Alexander

Nathan Alexander holds bachelor’s degrees in Journalism and European Studies from Boston University. Nathan reports round up the day’s business and financial market news and include keynote interviews with major business players and updates on Asian, European and US stock markets. He has interviewed heads of leading European banking institutions such as European Central Bank President Jean-Claude Trichet and HSBC Chairman Stephen Green, and CEOs from the business world including Microsoft founder Bill Gates, Virgin Chairman Sir Richard Branson and former Porsche President and CEO Dr Wendelin Wiedeking.

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