Thursday, October 19, 2023 - Huntington Bancshares Incorporated (NASDAQ:HBAN) is expected to surpass expectations in its forthcoming earnings announcement, according to recent upward revisions in analysts' earnings estimates. These adjustments underscore the underlying favorable trends for the company.
The Most Accurate Estimate for the current quarter has gone beyond the Zacks Consensus Estimate of 32 cents per share, showcasing an optimistic outlook for HBAN's performance. The firm's Earnings ESP (Expected Surprise Prediction) of +0.71% suggests a potential outperformance this earnings season.
Historically, stocks that exhibit similar characteristics - a positive Earnings ESP and a Zacks Rank #3 (Hold) or better - have yielded over 28% in annual returns and registered a positive surprise nearly 70% of the time. Given HBAN's Zacks Rank #3 and its promising Earnings ESP, this stock appears to be an appealing prospect for investors ahead of its earnings announcement.
InvestingPro data shows that Huntington Bancshares has a market cap of 14.81B USD and a P/E ratio of 6.48, indicating a low earnings multiple. The company also shows a promising revenue growth of 7.1% LTM2023.Q2, and a significant dividend yield of 6.13%. This information further solidifies HBAN's potential for a strong performance in the upcoming period.
InvestingPro Tips also highlights that HBAN has high earnings quality, with free cash flow exceeding net income, and has consistently increased earnings per share. The company has also maintained its dividend payments for an impressive 53 consecutive years, indicating a strong commitment to rewarding its shareholders.
These indicators seem to highlight an encouraging trajectory for Huntington Bancshares, as investors eagerly anticipate the company's imminent earnings report. The recent adjustments in analysts' estimates, combined with the relevant metrics and tips from InvestingPro, further signal a potentially strong performance for the bank in the upcoming period.
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