Huntington Bancshares Inc. (NASDAQ: HBAN) shares rose in value Tuesday Nov 22 with slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday.
The S&P 500 SPX, +0.17% opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average DJIA, +0.20% added 45 points, or 0.2%, to 19,002. The Nasdaq Composite COMP, +0.25% began the session up 16 points, or 0.3%, at 5,385.
Analysts at Macquarie upgraded shares of Huntington Bancshares Inc. (NASDAQ: HBAN) from Neutral to Outperform today. With a rating of Outperform on the stock, Huntington Bancshares Inc. has a 52-week high of $12.60. As a means of comparison, a number of other analysts have spoken on the company recently, and the company has earned a consensus one-year price target of $11.88, a decrease compared to the opening price of $12.59. Share prices sometimes get a boost to the upside when analysts upgrade a stock.
Huntington Bancshares Inc. (NASDAQ: HBAN) shares last traded at $12.54, a spike of $0.10 or 0.80% from the previous closing price. Opening at $12.59, they ranged from $12.49 and $12.59 throughout the day.
Huntington Bancshares Inc. (NASDAQ: HBAN) now has a market cap of 13.60B.
Huntington Bancshares Inc. (NASDAQ: HBAN) Average Daily Trading Volume
The stock’s average daily volume is 13,821,900 shares out of a total float 1,075,594,000 and some 993,015 shares traded hands yesterday, lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume growth or distribution by institutional investors.
As with all possible breakouts, investors look for volume to be at least 40%-50% greater than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
Huntington Bancshares Inc. (NASDAQ: HBAN) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Huntington Bancshares Inc. (NASDAQ: HBAN) have ranged from $7.83 – 12.60, and the stock now has a 50-day MA of $10.60 and 200-day MA of $9.88. Today’s last price is 0.48%% below the 52 week high of $12.60.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have increased their earnings by at least 25% for 3 consecutive years.
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