Huntington (HBAN) Q2 Earnings Beat Estimates, Revenues Rise

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Have you been eager to see how Huntington Bancshares IncorporatedHBAN performed in Q2 in comparison with the market expectations? Let's quickly scan through the key facts from this Ohio-based bank's earnings release this morning:

An Earnings Beat

Huntington Bancshares came out with earnings per share of 30 cents, surpassing the Zacks Consensus Estimate by a penny. Strong top line and lower expenses were partially offset by higher provisions.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for Huntington Bancshares depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last seven days.

Also, Huntington Bancshares has a decent earnings surprise history. Before posting earnings beat in Q2, the company delivered positive surprise in one of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 3.26% in the trailing four quarters.

Huntington Bancshares Incorporated Price and EPS Surprise

Huntington Bancshares Incorporated Price and EPS Surprise | Huntington Bancshares Incorporated Quote

Revenue Came In Line With Expectations

Huntington Bancshares posted revenues of $1.13 billion, in line with the Zacks Consensus Estimate. It compared favorably with the year-ago number of $1.08 billion.

Key Stats to Note:

  • Net interest margin of 3.29% contracted two basis points from the year-ago quarter
  • Average earning assets recorded 5% jump
  • Provision for loan and leases losses escalated significantly on a year-over-year basis to $56 million

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Huntington Bancshares. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. )

Check back later for our full write up on this Huntington Bancshares earnings report!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Earnings , Investing Ideas , Stocks
Referenced Symbols: HBAN

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