Huntington Bancshares Incorporated (NASDAQ: HBAN) is slated to report third-quarter 2024 results results on Oct. 17, before the opening bell. The company's quarterly revenues and earnings are expected to have declined year over year.
In the last reported quarter, the bank recorded a positive earnings surprise of 7.14%. Results have reflected improvements in average loans and deposits. However, a fall in net interest income (NII) and elevated expenses were headwinds.
HBAN has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 8.87%.
The Zacks Consensus Estimate for HBAN's third-quarter earnings of 30 cents per share has remained unchanged in the past seven days. The figure indicates a 16.67% decline from the year-ago reported number.
The consensus estimate for revenues is pegged at $1.86 billion, indicating a year-over-year decline of 1.67%.
Huntington Bancshares Incorporated Price and EPS Surprise
Huntington Bancshares Incorporated price-eps-surprise | Huntington Bancshares Incorporated Quote
Now, let us discuss factors that might have influenced Huntington Bancshares' third-quarter performance.
Key Factors & Estimates for HBAN's Q3 Result
Loans & NII: On Sept. 18, the Federal Reserve cut the interest rates by 50 basis points to 4.75-5% for the first time since March 2020. While the rate cut is not expected to significantly affect HBAN's NII in the quarter under review, greater clarity on the Fed's rate cut path, along with a stabilizing macroeconomic environment, is likely to have aided the lending outlook.
The Zacks Consensus Estimate for NII is pegged at $1.35 billion, indicating a 3% rise sequentially.
Per the Fed's latest data, the demand for commercial and industrial loans and consumer loans was decent in the third quarter of 2024, while real ...
