$10 Bank Stock’s Breakout Could Take It 20% Higher

by Sam Collins | March 26, 2014 2:43 am

$10 Bank Stock’s Breakout Could Take It 20% Higher

Huntington Bancshares (HBAN[1]) — 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.

03 26 14 hban 300x196 $10 Bank Stocks Breakout Could Take It 20% Higher
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chart key 300x84 $10 Bank Stocks Breakout Could Take It 20% Higher[2]

Endnotes:
  1. HBAN: http://studio-5.financialcontent.com/investplace/quote?Symbol=HBAN
  2. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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