Welcome to our dedicated page for Huntington Bancshares news (Ticker: HBAN), a resource for investors and traders seeking the latest updates and insights on Huntington Bancshares stock.
Huntington Bancshares Inc. (symbol: HBAN) is a prominent regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, Huntington operates through a robust network of over 750 branches and more than 1,500 ATMs across six midwestern states. With assets exceeding $189 billion, Huntington provides a wide array of financial services to consumers, small businesses, and corporations.
The company's primary business segments include Consumer & Regional Banking and Commercial Banking. The Consumer & Business Banking segment is the primary revenue driver, while the Commercial Banking segment offers specialized services such as auto dealer financing, equipment finance, national settlement, and capital market services.
Huntington's product offerings are comprehensive, covering consumer banking, small business solutions, commercial banking, treasury management, wealth management, brokerage, trust, and insurance services. The company's affiliations extend beyond its core states, providing national settlement and capital market services.
2023 was a notable year for Huntington, marked by strategic initiatives and a dynamic banking environment. The company achieved sustained deposit growth, enhanced capabilities across payments and other fee-based services, and completed a business segment re-alignment to improve customer focus and operational efficiency. Furthermore, Huntington expanded its commercial and regional banking into the Carolinas, bolstering its specialty banking expertise by adding new teams.
In the fourth quarter of 2023, Huntington reported a net income of $243 million, reflecting the company's disciplined approach to managing credit quality and moderate-to-low risk appetite. Despite a decrease from the previous year, the company maintained robust liquidity and capital, positioning it for continued growth. Huntington's strategic focus remains on organic growth, expanding deposit and loan balances, and leveraging its strong brand and customer trust metrics.
As of the first quarter of 2024, Huntington reported a net income of $419 million, highlighting sustained organic growth and robust pipelines in new and existing markets. The company's credit quality remained stable, and the economic outlook was constructive, supporting the performance of its customers.
Huntington Bancshares' financial results and strategic initiatives underscore its commitment to growth, profitability, and customer service. The company's earnings releases and financial supplements provide detailed performance metrics and are available on its Investor Relations website.
For more information, visit Huntington.com.
Capstone Partners, a leading middle market investment banking firm, reports growing interest in construction safety management services within M&A markets. The firm recently advised Safe T Professionals, a construction-focused safety management consulting firm, on an investment from a strategic partner. This marks Capstone's second transaction in the safety sub-sector within the past 12 months.
Capstone's Environmental Health & Safety Market Update highlights increasing outsourcing of safety management services due to evolving and complex regulations. The report projects continued growth in buyer investment appetite through 2025 and beyond. Safe T Professionals, founded in 2011 and based in Chandler, AZ, specializes in safety consulting and manager outsourcing, with a focus on the semiconductor and EV industries.
Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced a decrease in its prime rate from 8.5% to 8%, effective September 19, 2024. This marks the first change in Huntington's prime rate since July 27, 2023, when it was increased from 8.25% to 8.5%. The reduction in the prime rate could potentially impact various financial products and services offered by the bank, including loans and credit lines.
Huntington Bancshares Incorporated (Nasdaq: HBAN) has declared a quarterly cash dividend on its 5.70% Series I Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANM). The dividend is set at $356.25 per share, which is equivalent to $0.35625 per depositary share. This dividend will be payable on December 2, 2024, to shareholders of record as of November 15, 2024. The announcement demonstrates Huntington's commitment to providing returns to its preferred stockholders and maintaining its dividend policy.
Huntington Bank has appointed Timothy Miller as its new Executive Vice President and Chief Communications Officer (CCO). Miller, who will be based in Charlotte, NC, joins Huntington's executive leadership team and will lead the bank's corporate communications organization. His responsibilities include overseeing all internal and external communications, such as media relations, crisis communications, and executive communications.
Miller brings extensive experience from his previous role as Senior Vice President of External Communications at PNC Bank. He has also held communications leadership positions at Bank of America, Brighthouse Financial, and 3D Systems. Steve Steinour, Huntington's Chairman, President, and CEO, praised Miller's expertise in helping organizations navigate periods of growth and transformation.
The Cleveland Browns and Huntington National Bank have announced a 20-year partnership, including stadium naming rights. The Browns' stadium will now be called "Huntington Bank Field". Huntington Bank will also become the team's official and exclusive banking partner. This partnership aims to strengthen both organizations' commitment to the Cleveland community and broader region.
The first game at Huntington Bank Field will be played on September 8, featuring the Cleveland Browns vs. the Dallas Cowboys. This partnership is expected to spur significant economic growth and development in Northeast Ohio. Both organizations plan to launch new initiatives to strengthen communities across the region.
Capstone Partners, a leading middle market investment banking firm, has appointed Ken Wasik as Co-Head of Investment Banking. Wasik, currently Managing Director and Head of Consumer Products Banking, will share the role with Paul Janson, the current Head of Investment Banking. This appointment is effective immediately.
Wasik, with nearly 25 years of investment banking experience, joined Capstone in 2020 and has been important in growing the firm's Consumer practice. Under his leadership, the firm has driven a total M&A transaction value of over $2.8 billion in Consumer-industry transactions. In his new role, Wasik will oversee all investment banking activities across the firm, working closely with Janson to drive deal execution strategy and guide the firm's 12 industry groups and 5 service lines.
Huntington Bancshares (Nasdaq: HBAN) is set to participate in the 2024 Barclays Global Financial Services Conference on September 9, 2024. Zach Wasserman, CFO, and Brant Standridge, President of Consumer and Regional Banking, will present at 9:00 AM ET.
Their presentation will cover business trends, financial performance, and strategic initiatives. This event provides an opportunity for analysts and investors to gain insights into Huntington's current position and future plans. The conference is a significant platform for financial institutions to showcase their strategies and engage with the investment community.
Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced its quarterly cash dividends for common and preferred stocks. The Board of Directors declared a quarterly cash dividend of $0.155 per common share, unchanged from the previous quarter, payable on October 1, 2024, to shareholders of record on September 17, 2024.
Additionally, the company declared quarterly cash dividends on six series of its preferred stock, including Floating Rate Series B, 5.70% Series E, 5.625% Series F, 4.450% Series G, 4.5% Series H, and 6.875% Series J. These preferred stock dividends are payable on October 15, 2024, to respective shareholders of record on October 1, 2024.
Ethos Capital LP has announced the addition of four new Executive Partners: Caroline Campbell, Allie Kline, Colin Kessinger, and Nagui Elyas. These appointments bring over a century of combined experience to the firm's senior operating team. The new partners will join a group of 21 existing Executive Partners, working closely with portfolio companies throughout the investment process.
Each new partner brings unique expertise:
- Caroline Campbell: Technology and business management consulting
- Allie Kline: Business growth and transformation
- Colin Kessinger: Analytics and supply chain management
- Nagui Elyas: Education, training, and development
Ethos Capital's Managing Partners emphasized that these additions align with the firm's vision of responsible capitalism, prioritizing sustained growth over short-term profits.
Huntington Private Bank, part of The Huntington National Bank's wealth-management division, has received two accolades at the 2024 Wealth for Good Awards. Recognized for its 'Internal Diversity and Inclusion Program' and 'Thought Leadership,' the awards highlight Huntington's commitment to fostering an inclusive environment and providing valuable financial insights to clients. The awards, judged by a panel of independent experts, honor companies demonstrating innovation and excellence. Director Melissa Holding emphasized the bank's investment in staff and client education as key differentiators. The bank serves high-net-worth individuals, families, and institutions with a variety of financial services.
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