Huntington Bancshares Earnings: Sees Profit Move Up

S&P 500 (NYSE:SPY) component Huntington Bancshares Incorporated (NASDAQ:HBAN) reported its results for the fourth quarter. Huntington Bancshares is a financial holding company that offers various financial services through its subsidiary in several states.

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Huntington Bancshares Incorporated Earnings Cheat Sheet for the Fourth Quarter.

Results: Net income for Huntington Bancshares Incorporated rose to $126.9 million (14 cents per share) vs. $122.9 million (5 cents per share) in the same quarter a year earlier. This marks a rise of 3.3% from the year earlier quarter.

Actual vs. Wall St. Expectations: HBAN fell in line with the mean analyst estimate of 14 cents per share.

Quoting Management: “We are pleased with the quarter. By staying focused on executing our strategic plan, we are making progress in improving long-term profitability and adding to our earnings growth opportunities,” said Stephen D. Steinour, chairman, president, and chief executive officer. “Net interest income increased as a result of not only strong loan originations but also a higher net interest margin, reflecting our continued focus on fundamentally changing our deposit mix and driving down the overall cost of funds. These successes are a direct result of the strategic investments we have made over the last two years.”

Key Stats:

The company fell in line with estimates last quarter after missing forecasts in the previous quarter with net income of 16 cents versus a mean estimate of net income of 17 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved down from 15 cents a share to 14 cents over the last ninety days. At 60 cents per share, the average estimate for the fiscal year has fallen from 63 cents ninety days ago.

Competitors to Watch: Fifth Third Bancorp (NASDAQ:FITB), FirstMerit Corporation (NASDAQ:FMER), WesBanco, Inc. (NASDAQ:WSBC), Peoples Bancorp Inc. (NASDAQ:PEBO), First Financial Bancorp (NASDAQ:FFBC), Park National Corporation (AMEX:PRK), Wells Fargo & Company (NYSE:WFC), Camco Financial Corp. (NASDAQ:CAFI), Tower Financial Corp. (NASDAQ:TOFC), and PNC Financial Services (NYSE:PNC).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com