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HU3 - Huntington Bancshares Inc News Story

€7.85 0.1  1.3%

Last Trade - 11:40am

Sector
Financials
Size
Large Cap
Market Cap £7.29bn
Enterprise Value £15.15bn
Revenue £3.56bn
Position in Universe 117th / 1040

BUZZ-Dividend news separates bank stocks; Citizens jumps, WFC dips

Tue 30th June, 2020 4:03pm
** Shares in Wells Fargo  WFC.N  underperforming the bank sector
 after it warned late Monday it would reduce its dividend
following the Federal Reserve annual stress test
    ** Citizens Financial  CFG.N  soared 5.4% after announcing
it does not expect Fed dividend caps to impact its proposed
quarterly dividend  urn:newsml:reuters.com:*:nBw1rmzzqa 
    ** SVB Financial  SIVB.O  Fifth Third  FITB.O  and Zion
 ZION.O  were all gaining ground. Fifth Third, up 1.5%, said it
plans to maintain its dividend  urn:newsml:reuters.com:*:nBwbzXF58a. Suntrust Robinson
sharply increased its price target for SVB - from $220-$260 -
and Zion - from $39-$50. SVB, ZION both up more than 1%  
    ** WFC shares, which fell 2% in premarket, regained some
ground in the regular session and were last down 0.19% at
$25.65. Huntington  HBAN.O  shares edged higher as that bank
said test results support its ability to declare its current
quarterly dividend of $0.15.  urn:newsml:reuters.com:*:nPn63fgfma
    ** WFC already fell 7.4% Friday after the Fed announced a
cap on big bank dividends with its annual stress test results. 
 urn:newsml:reuters.com:*:nL1N2E22BO
    ** In comparison the S&P 500 Bank sub-sector  .SPXBK  was up
 1.2% on the day. The sector index had fallen 6% on Friday.
    ** WFC said it expects to announce a Q3 dividend reduction
from current level of $0.51/shr when it reports quarterly
results on July 14.  urn:newsml:reuters.com:*:nBwNLQL7a
    ** CEO Charlie Scharf pointed to "great uncertainty in the
path of the economic recovery" and said WFC expects Q2 increase
in allowance for credit losses allowance "substantially higher
than the increase in the first quarter.”     

 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))
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