Huntington Bancshares, the Financial sector company, was revisited by a Wall Street analyst today. Analyst Ebrahim Poonawala from Bank of America Securities reiterated a Buy rating on the stock and has a $21.00 price target.
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Ebrahim Poonawala has given his Buy rating due to a combination of factors including Huntington Bancshares’ strategic acquisitions and growth potential. The recent acquisition of Cadence Bank and the potential acquisition of units from Janney Montgomery Scott align with the company’s strategy to expand in higher growth markets and enhance its fee revenue capabilities. These moves are seen as low-risk and consistent with management’s history of successful large bank integrations, such as the acquisition of TCF in 2020.
Furthermore, Poonawala highlights that the bank’s superior growth potential is not currently reflected in its stock valuation. With an expected organic loan growth rate surpassing peers and a strong management team led by CEO Steve Steinour, Huntington is well-positioned to achieve its strategic goals. The stock’s current trading metrics, such as its price-to-earnings ratio, suggest undervaluation compared to its growth prospects, reinforcing the Buy recommendation.
In another report released on October 29, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $17.50 price target.
Based on the recent corporate insider activity of 230 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HBAN in relation to earlier this year.