Have you been eager to see how Huntington Bancshares Incorporated (HBAN) performed in Q4 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 Beat
Huntington Bancshares came out with earnings per share of 21 cents, beating the Zacks Consensus Estimate of 19 cents. Strong top line was primarily responsible for the beat.
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 19 cents over the last 7 days.
Also, Huntington Bancshares has a decent earnings surprise history. Before posting earnings beat in Q4, the company delivered positive surprises in the prior two quarters while it reported inline earnings in Q1. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.7% in the trailing four quarters.
Revenue Came In Lower Than Expected
Huntington Bancshares posted revenues of $714.1 billion, which missed the Zacks Consensus Estimate of $720 million. However, it compared favorably with the year-ago number of $688.7 billion.
Key Stats to Note:
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Tangible book value per common share increased 6% to $6.62
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Average earning assets recorded 13% jump
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Reduction in provision for credit losses was recorded
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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