Have you been eager to see how Huntington Bancshares Incorporated (NASDAQ:HBAN) 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:
Earnings Beat
Huntington Bancshares came out with earnings per share of 22 cents (excluding FirstMerit acquisition-related expenses), beating the Zacks Consensus Estimate by a penny.
Results were driven by higher revenues.
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 of 21 cents per share has remained unchanged over the last 7 days.
However, Huntington Bancshares depicts a decent earnings surprise history.
Revenue Came In Higher Than Expected
Huntington Bancshares posted revenues of $927 billion, which outpaced the Zacks Consensus Estimate of $874 million. Moreover, it compared favorably with the year-ago number of $748 billion.
Key Stats to Note:
Tangible book value per common share decreased 6% year over year to $6.48
Average earning assets recorded 25.8% year over year jump.
Provision for credit losses escalated significantly to $64 million, compared to $22 million in the year-ago quarter.
Net interest margin expanded 2 basis points year over year to 3.18%.
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. 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 (Strong Buy) Rank stocks here.)
Check back later for our full write up on this Huntington Bancshares earnings report!
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HUNTINGTON BANC (HBAN): Free Stock Analysis Report
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