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TAMPA, Fla. - Argent Institutional Trust Company (AITC), a Florida-based trust company, has announced the acquisition of the corporate trust and institutional custody business from The Huntington National Bank (NASDAQ: HBAN), a move set to significantly enhance AITC’s national presence in corporate trust and custody services. Huntington, currently valued at $23 billion in market capitalization, has maintained dividend payments for 55 consecutive years, according to InvestingPro data. This strategic expansion includes the transfer of key client relationships, personnel, and operational infrastructure from Huntington to AITC.
The acquisition is part of AITC’s long-term growth strategy, aiming to deepen its capabilities and solidify its position as a national leader in the sector. The deal comes as Huntington demonstrates solid financial performance, with revenue growth of 5.17% and a P/E ratio of 11.92, as reported by InvestingPro. AITC plans a smooth transition, with full integration expected in the coming months, continuing its client-centered philosophy that has been a hallmark for over 70 years.
AITC and Huntington will maintain an ongoing relationship, with Argent providing corporate trust, escrow, and custody solutions to Huntington’s business and commercial banking clients. This partnership is expected to offer clients an expanded array of services while ensuring continuity and high-quality service.
Anthony Guthrie, Chairman of AITC, expressed excitement over welcoming Huntington’s team and clients, emphasizing the acquisition’s role in enhancing the company’s scale and service depth. Steven B. Eason, CEO of AITC, also highlighted Huntington’s recognition of AITC’s expertise and quality services.
Huntington’s corporate trust and institutional custody business serves a diverse clientele, including corporations, municipalities, mutual funds, and not-for-profit entities. Melissa Holding, Executive Vice President and Director of Wealth Management at Huntington, assured that clients would maintain the high level of service they expect.
The financial terms of the deal were not disclosed in the press release statement. AITC, originally founded as Trust Management Incorporated in 1954 and later merging with Argent Financial Group in August 2023, has grown into a full-service provider of trust and agency services. Post-acquisition, AITC will be responsible for managing over $175 billion in client assets.
Huntington Bancshares Incorporated, the parent company of The Huntington National Bank, is a regional bank holding company with assets of $210 billion, operating branches across 13 states. Analysts maintain a positive outlook on Huntington, with target prices ranging from $14.90 to $20.00 per share. The acquisition is poised to enhance AITC’s offerings to institutional partners across the country while maintaining the legacy of client-focused service. For comprehensive analysis and additional insights about Huntington’s financial health and market position, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Huntington Bancshares reported a strong performance for the first quarter of 2025, surpassing analysts’ expectations with earnings per share of $0.34, higher than the forecasted $0.31. The company also exceeded revenue projections, posting $1.94 billion compared to the anticipated $1.89 billion. Following these results, several analyst firms adjusted their ratings and price targets for Huntington Bancshares. Jefferies initiated coverage with a Buy rating and a price target of $20, citing the bank’s standout performance in the regional sector. Deutsche Bank upgraded the stock from Hold to Buy, setting a price target of $17.50, while Truist Securities maintained a Buy rating but lowered the price target to $17 due to increased recession risks. DA Davidson also kept a Buy rating, reducing the price target to $18.00, reflecting a more conservative valuation approach. These recent developments highlight analyst confidence in Huntington Bancshares’ continued growth potential, despite broader economic uncertainties.
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