Have you been eager to see how Huntington Bancshares IncorporatedHBAN performed in Q3 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 Miss
Huntington Bancshares came out with earnings per share of 18 cents, missing the Zacks Consensus Estimate was 20 cents.
Results were primarily affected by increased expenses, partially offset by revenue growth.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Huntington Bancshares remained stable prior to the earnings release. The Zacks Consensus Estimate has remained unchanged at 20 cents over the last 7 days.
Also, Huntington Bancshares has a decent earnings surprise history. Before posting an earnings miss in Q3, the company delivered positive surprises in three of the trailing four quarters while it reported inline earnings in the remaining quarter. Overall, the company surpassed the Zacks Consensus Estimate by an average of 7.7% in the trailing four quarters.
Revenues Up Y/Y
Huntington Bancshares posted revenues of $748.6 million, lagging the Zacks Consensus Estimate of $768.4 million. However, it compared favorably with the year-ago number of $713.6 million.
- Net income decreased 2% year over year to $152.6 million
- Total non-interest expenses increased 10% year over year to 526.6 million
- Average earning assets recorded 8% increase year over year
- Tangible book value per share at end of Q3 increased 5% year over year to $6.88
- Huntington Bancshares declared a 17% increase in its quarterly cash dividend on common stock to 7 cents per share. The dividend will be paid on Jan 4, 2016, to shareholders of record on Dec 21, 2015.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Huntington Bancshares. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Huntington Bancshares earnings report!
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