Huntington Bancshares, Inc. Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Huntington Bancshares, Inc. (NASDAQ:HBAN) will unveil its latest earnings on Thursday, October 20, 2011. Huntington Bancshares is a financial holding company that offers various financial services through its subsidiary in several states.

Huntington Bancshares, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of 17 cents per share, a rise of 70% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 16 cents. Between one and three months ago, the average estimate was unchanged. It has risen during the last month. Analysts are projecting profit to rise by 231.6% versus last year to 63 cents.

Past Earnings Performance: The company is looking to top estimates for the third straight quarter. Last quarter, it reported profit of 16 cents per share against a mean estimate of net income of 15 cents, and the quarter before, the company exceeded forecasts by one cent with profit of 13 cents versus a mean estimate of net income of 12 cents.

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Wall St. Revenue Expectations: On average, analysts predict $665.9 million in revenue this quarter, a decline of 1.6% from the year ago quarter. Analysts are forecasting total revenue of $2.63 billion for the year, a decline of 1.1% from last year’s revenue of $2.66 billion.

Analyst Ratings: nine out of 17 analysts surveyed (52.9%) have a buy rating on Huntington Bancshares.. This is below the mean analyst rating of 10 competitors, which average 66.3% buy ratings.

A Look Back: In the second quarter, profit rose more than twofold to $145.9 million (16 cents a share) from $48.8 million (3 cents a share) the year earlier, exceeding analyst expectations. Revenue fell 7.4% to $748.1 million from $808.1 million.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 6.4% in the first quarter from the year earlier, dropped 7.1% in fourth quarter of the last fiscal year from the year-ago quarter and 0.7% in the third quarter of the last fiscal year.

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), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Camco Financial Corp. (NASDAQ:CAFI), Tower Financial Corp. (NASDAQ:TOFC), and PNC Financial Services (NYSE:PNC).

Stock Price Performance: During July 21, 2011 to October 14, 2011, the stock price had fallen 81 cents (-13.4%) from $6.04 to $5.23. The stock price saw one of its best stretches over the last year between November 26, 2010 and December 6, 2010 when shares rose for seven-straight days, rising 16.4% (+90 cents) over that span. It saw one of its worst periods between February 15, 2011 and February 24, 2011 when shares fell for seven-straight days, falling 10.4% (-78 cents) over that span. Shares are down $1.56 (-23%) year to date.

(Source: Xignite Financials)

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