Free Post Earnings Research Report: Huntington Bancshares’ Q4 Top-Line Grew 4%; Outpaced Estimates

LONDON, UK / ACCESSWIRE / January 29, 2018 / Active-Investors.com has just released a free earnings report on Huntington Bancshares Inc. (NASDAQ: HBAN). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=HBAN. The bank holding Company posted its financial results on January 23, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). Huntington Bancshares’ quarterly total revenues increased 4% y-o-y, beating market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Huntington Bancshares most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=HBAN

Earnings Highlights and Summary

During Q4 FY17, Huntington Bancshares’ total revenue (FTE) was $1.12 billion compared to $1.08 billion in Q4 FY16, beating market consensus estimates of $1.10 billion. The Company’s net interest income (FTE) rose to $782 million in Q4 FY17 from $748 million in the prior year’s same quarter. Meanwhile, the Company’s total non-interest income stood at $340 million for Q4 FY17 compared to $334 million in Q4 FY16.

The Columbus, Ohio-based bank reported a net income applicable to common shareholders of $413 million, or $0.37 per diluted share, in Q4 FY17 compared to $220 million, or $0.20 per diluted share, in Q4 FY16. Excluding federal tax reform-related estimated tax benefit of approximately $123 million, or $0.11 per common share, the Company’s adjusted earnings per common share stood at $0.26. Furthermore, the Company’s adjusted net income met Wall Street’s expectations.

In the full year FY17, Huntington Bancshares’ total revenues (FTE) were up by 22% to $4.36 billion from $3.56 billion in FY16. The bank’s net income applicable to common shareholders came in at $1.11 billion, or $1.00 per diluted share, for FY17 compared to $647 million, or $0.70 per diluted share, in the previous year.

Earnings Metrics

During the reported quarter, the Company’s return on average assets came in at 1.67% compared to 0.95% in Q4 FY16. The return on average common equity was 17.0% in Q4 FY17 versus 9.4% in the year ago comparable period. The return on average tangible common equity came in at 22.7% in Q4 FY17 compared to 12.9% in Q4 FY16. Additionally, the Company’s net interest margin improved 5 basis points to 3.30% in the reported quarter from 3.25% in Q4 FY16.

As on December 31, 2017, the Company’s common equity Tier 1 risk-based capital ratio was 9.89% compared to 9.56% as on December 31, 2016. The Company’s tangible common equity to tangible assets ratio was 7.34% as on December 31, 2017, compared to 7.16% as on December 31, 2016. Furthermore, the Company had an efficiency ratio of 54.9% in Q4 FY17 compared to 61.6% in Q4 FY16.

Balance Sheet Analyzed

In Q4 FY17, Huntington Bancshares’ average interest-earning assets grew to $93.94 billion from $91.46 billion in the previous year’s corresponding quarter. The bank’s yield on earnings assets was 3.83% for Q4 FY17, an increase from 3.60% in Q4 FY16. Furthermore, cost of interest-bearing deposits was 0.37% in Q4 FY17 compared to 0.23% in Q4 FY16.

The bank’s total non-performing assets (NPA) stood at $389 million as on December 31, 2017, down from $481 million as on December 31, 2016. NPAs to total loans and leases and OREO ratio also fell to 0.55% at the end of Q4 FY17 from 0.72% at the end of Q4 FY16.

Dividend and Share Repurchase

In a separate press release on January 23, 2018, Huntington Bancshares’ Board of Directors declared a quarterly cash dividend of $0.11 per common share on its common stock. The common stock cash dividend is payable on April 02, 2018, to shareholders of record as on March 19, 2018.

In Q4 FY17, the Company repurchased $137 million of common stock at an average cost of $14.00 per share, and a total of $260 million of common stock at an average cost of $13.38 per share during the full year FY17.

Stock Performance Snapshot

January 26, 2018 – At Friday’s closing bell, Huntington Bancshares’ stock climbed 1.00%, ending the trading session at $16.21.

Volume traded for the day: 8.37 million shares.

Stock performance in the last month – up 10.80%; previous three-month period – up 16.79%; past twelve-month period – up 15.70%; and year-to-date – up 11.33%

After last Friday’s close, Huntington Bancshares’s market cap was at $17.60 billion.

Price to Earnings (P/E) ratio was at 19.55.

The stock has a dividend yield of 2.71%.

The stock is part of the Financial sector, categorized under the Regional – Midwest Banks industry. This sector was up 0.7% at the end of the session.

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