Huntington CEO Upbeat On 2024 Prospects Despite Missing Q4 Revenue Estimates, Projects 'Attractive Growth Opportunities'
Portfolio Pulse from Nabaparna Bhattacharya
Huntington Bancshares Incorporated (NASDAQ:HBAN) reported Q4 revenues of $1.72 billion, below the expected $1.77 billion. Net interest income and noninterest income both declined year over year, but average total deposits and loans increased. The company's credit loss allowance and capital ratios improved. Adjusted EPS met expectations at $0.27. CEO Steve Steinour expressed optimism for 2024, citing attractive growth opportunities. HBAN shares rose 1.67% to $12.44.
January 19, 2024 | 3:50 pm
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POSITIVE IMPACT
Huntington Bancshares missed Q4 revenue estimates but met adjusted EPS expectations. The CEO's positive outlook for 2024 and share price increase suggest investor confidence.
The revenue miss could have been a negative signal, but the matching EPS and the CEO's positive comments about 2024 growth opportunities likely mitigated the impact. The share price increase indicates a positive market reaction, suggesting a short-term bullish outlook.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100