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Huntington Bancshares Inc HBAN

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Morningstar’s Analysis

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Noisy Quarter for Huntington As TCF Acquisition Closes; Maintaining Our FVE of $18 per Share

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Narrow-moat rated Huntington reported second-quarter earnings which were very noisy due to the recent close of the TCF acquisition. While earnings missed FactSet consensus, we wouldn’t read much into this because there were so many moving parts due to the acquisition, and we expect earnings will continue to be noisy for the next several quarters as one-time charges flow through expenses and as yields and the balance sheet stabilize. Reported EPS of negative $0.05 included an initial provision of $294 million related to the TCF acquisition and $269 million of merger-related expenses. Excluding these items, adjusted EPS was $0.35, which compares favorably with the pre-pandemic run-rate of roughly $0.30 to $0.34.

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Company Profile

Business Description

Huntington Bancshares is a regional bank holding company headquartered in Columbus, Ohio. The bank has a network of branches and ATMs across eight Midwestern states. Founded in 1866, Huntington National Bank and its affiliates provide consumer, small-business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides auto dealer, equipment finance, national settlement, and capital market services that extend beyond its core states.

41 South High Street, Huntington Center
Columbus, OH, 43287
T +1 614 480-2265
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 17,018