Huntington Bancshares (NASDAQ: HBAN) stock rose modestly in the intraday trading Monday after the company reported better-than-expected first-quarter earnings.
Huntington Bancshares (HBAN), a bank based in Columbus, Ohio, recently released its financial results for the first quarter of the fiscal year 2024. The company reported a net income of $419 million for the quarter and earnings of 26 cents per share. After adjusting for one-time costs, the earnings were 28 cents per share.
The results beat the expectations of Wall Street analysts. On average, nine analysts surveyed by Zacks Investment Research had estimated earnings of 25 cents per share.
The bank posted a total revenue of $2.85 billion for the period. After deducting interest expenses, the net revenue stood at $1.77 billion, surpassing Street forecasts. Seven analysts surveyed by Zacks had expected $1.74 billion in net revenue.
Furthermore, Huntington Bancshares announced a quarterly cash dividend of $0.155 per common share for shareholders of its common stock (NASDAQ: HBAN). This dividend remains unchanged from the previous quarter. The company said the dividend will be payable on July 1, 2024, to shareholders of record on June 17, 2024.
Huntington Bancshares (NASDAQ: HBAN) Stock Reaction
At the time of this report, the price of HBAN stock stands at $13.38, reflecting a 0.76% increase from the previous trading session. This week, it has experienced a 0.90% increase in value. Trading activity has witnessed 819,358 (819.35K) shares changing hands, significantly lower than the average daily volume of 17.87 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
