Opinions
David Burrows
Huntington Bancshares Inc.
HBAN-Q
DON'T BUY
Feb 19, 2009
(Market Call Minute.) This is a bank that could end up in difficulty and needing more support.
$1.030
Stock price when the opinion was issued
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COMMENT
A great sector to be in. Financial services are going to be benefiting from a rising rate environment. The banks particularly may be really capped by how much the market pushes up rates. This is poking its head right above the $13.60 area. If it gets above that on a daily basis, it probably means this is going to go much higher. He has a target of $17 that should be reached in the next year.
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BUY
He's long liked this. Shares plunged 9% today. They reported mixed results, with earnings beating thanks to strong expense controls, their net interest income fell short which led to a revenue miss. Company forecast was solid. Shares plunged today to pre-Christmas levels, because the entire market plunged. he is bullish regional banks because rate hikes are coming. Pays a 4% yield.
banks
BUY
AHY: Accidental high-yielding stocks that have fallen so far that their dividends now pay huge.
Regional banks like this make money whenever the Fed tightens, because they pay the same interest on your deposits, then invest that money in risk-free short-term treasuries to earn a big profit. The big national banks have too much exposure now, in contrast. Based on Ohio, HBAN is expanding across the midwest where manufacturing is heating up. Boasts solid deposit and loan growth, and pays a 4.8% yield.
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