S&P 500 (NYSE:SPY) component Huntington Bancshares Incorporated (NASDAQ:HBAN) reported net income above Wall Street’s expectations for the first quarter. Huntington Bancshares Inc. is a financial holding company that offers various financial services through its subsidiary in several states.
Huntington Bancshares Incorporated Earnings Cheat Sheet for the First Quarter
Results: Net income for the Midwest regional bank rose to $126.4 million (14 cents/share) vs. $39.7 million (one cent/share) YoY. A more than threefold rise from the year earlier quarter.
Actual vs. Wall St. Expectations: HBAN (NASDAQ:HBAN) beat the mean analyst estimate of 12 cents/share. Estimates ranged from 8 cents per share to 14 cents per share.
Quoting Management: “First quarter results were consistent with our expectations and set the stage for continued earnings growth throughout this year,” said Stephen D. Steinour, chairman, president, and chief executive. “Throughout last year, and continuing into this year, we are taking advantage of what we view as a moment in time to make significant investments in strategic initiatives to position us for more profitable and sustainable long-term growth. Reflecting these factors and the reality of certain near-term revenue headwinds, we previously noted that the primary driver of earnings growth in early 2011 would be lower provision for credit losses as credit quality continued to improve. As such, we are very pleased with this quarter’s continued, significant improvement in our credit quality.”
Competitors to Watch: Fifth Third Bancorp (NASDAQ:FITB), JPMorgan Chase & Co. (NYSE:JPM), Citigroup (NYSE:C), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), FirstMerit (NASDAQ:FMER), WesBanco (NASDAQ:WSBC), Peoples Bancorp (NASDAQ:PEBO), SunTrust (NYSE:STI), First National (AMEX:PRK), Camco (NASDAQ:CAFI), Tower Financial (NASDAQ:TOFC), PNC Financial (NYSE:PNC) and KeyCorp (NYSE:KEY).
Today’s Performance: Shares of HBAN (NASDAQ:HBAN) are trading at $6.46 per share: