FollowWith new leadership of CEO Stephen Steinour, Huntington (HBAN, Overweight) has grown above expectations with rebranding and additional new customers. The second quarter earnings increased by 9%, driven by gains in commercial and auto lending, beating analyst estimates by $23.8 million. Impact of fall in revenue in first quarter is not continued in second quarter with revenue more than improved to $710 million, a 5% growth from $677 million year over year.
We strongly believe that Huntington Bancshares produced best regional bank report in this earnings season. 8.4% TCE ratio is enough to second our opinion of bank’s growth. We maintain Buy rating and retain $11 price target. Currently bank is trading at $9.57 which is 13 times our 2014 EPS estimate.
Germaine Hicks
Germaine is an avid sports fan and as such, he decided on his current career path with the idea in mind that he would never, ever miss a Yankee game. Until now, he managed to make good on that promise. As you’ve probably guessed, he’s our go-to sports guy.
