Huntington Bancshares (HBAN) — This regional bank holding company has over 700 branches in Ohio, Michigan, Pennsylvania, Indiana, West Virginia, Kentucky and Florida. This week, S&P raised its rating to a “five-star strong buy” and increased its 12-month target by $1 to $12. The increased rating is due to the bank’s likelihood of increasing its share buyback program, along with a small dividend increase. The recent regulatory stress test places the bank “well above regulatory requirements.”
HBAN broke from a double-bottom/cup-and-handle formation last week at $10. Accumulation of shares has been high since mid-February and should continue to drive the stock to a new high above $12.