Huntington Bancshares rallies on hiked net interest income outlook

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Huntington Bancshares Inc. HBAN, +9.47% rose 7.9% on Friday after the financial services company forecast stronger-than-expected net interest income as the company said it’s been performing “exceptionally well” despite economic headwinds in the sector. Huntington hiked its view for net interest income in the fourth quarter to rise in the high 20% to low 30% range over the year-ago period, up from its earlier estimate for an increase in the low-to-mid 20% range. The bank cited earnings asset growth and higher net interest margin for the more bullish view. Jefferies analyst Ken Usdin reiterated a buy rating on Huntington and said the company’s new guidance would generate net interest income of about $1.4 billion at the midpoint of the range. Wall Street analysts currently expect Huntington Bancshares to generate $1.34 billion in net interest income in the fourth quarter, according to FactSet data. The bank also reported third-quarter earnings of 39 cents a share, a penny ahead of expectations. The bank’s third-quarter revenue of $1.91 billion beat the Wall Street target of $1.84 billion.

This article was originally published by Marketwatch.com. Read the original article here.

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