Huntington Bancshares Q3 EPS unchanged, net interest income up

Huntington Bancshares

Yesterday 11:24

Overview
U.S. regional bank's Q3 EPS was flat at $0.33 compared to prior quarter
Net interest income rose 1% from previous quarter
Company repurchased $100 mln in common shares during Q3

Outlook
Company says it is on track to meet financial targets and deliver sustained growth
Company expects increasing benefits from Veritex and Cadence partnerships to support future results

Result Drivers
HIGHER YIELDS - Co said net interest margin rose due to higher yields on investment securities and lower net funding costs
LOWER CAPITAL MARKETS FEES - Co attributed decline in noninterest income to lower capital markets fees and unfavorable equity valuation adjustments
LOAN MIX CHANGES - Declines in commercial real estate and consumer loans offset by higher C&I loans, affecting average loan balances

Company press release: ID:nPn8FZ357a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$0.33
 
Q3 Net Interest Income
 
$2.07 bln
 
Q3 CET1 Capital Ratio
 
10.10%
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Huntington Bancshares Inc is $19.00, about 20.9% above its October 21 closing price of $15.72
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads
Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)