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!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportHuntington Bancshares Incorporated (HBAN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research