Huntington National Bank parent announces deal to merge with FirstMerit
Finally, Creative Planning increased its position in shares of Huntington Bancshares by 40.8% in the fourth quarter. The Company’s business consists of owning and supervising its affiliates.
Shares of Huntington Bancshares Inc. fell 6.3 percent to $8.25 before the stock market opened Tuesday. The deal is expected to be about 10 percent accretive to Huntington’s earnings per share in 2018, the first full year after all expected synergies are implemented, the company said.
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Huntington said it expects the deal, which would combine two mid-size OH banks, will add to its earnings per share in 2017, excluding one-time merger-related expenses. Earnings per common share for the 2015 fourth quarter were $0.21, up 11% from the year-ago quarter. During the same period in the previous year, the company posted $0.19 EPS. The ex-dividend date is Wednesday, March 16th. This represents a $0.28 annualized dividend and a dividend yield of 3.18%.
The next one year’s EPS estimate is set at 0.97 by 30.00 analysts while a year ago the analysts suggested the company’s EPS at 0.89. Why Danaher Corp. entered oversold zone following this report?
In a report issued on January 22, John Moran from Macquarie maintained a Buy rating on Fifth Third Bancorp (NASDAQ: FITB), with a price target of $22. However, Huntington shareholders don’t seem to like the latest announcement, as the company’s stock dropped over 9% today.
Huntington Bancshares Inc is centered in Columbus, OH, and has 11,873 employees. The stock presently has an average rating of “Hold” and a consensus price target of $11.82.
Officials with Huntington Bank say they will continue to honor FirstMerit Corp.’s commitments after it acquires the company. The Firm operates primarily through the Bank and its other subsidiaries, providing a range of banking, fiduciary, financial, insurance and investment services to corporate, institutional and individual customers. Its loan portfolio includes commercial and industrial, commercial real estate, construction CRE, automobile, home equity, residential mortgage and consumer loans/leases.
FirstMerit Corporation has 366 banking offices throughout Ohio, Michigan, Wisconsin, Illinois and Pennsylvania.