Huntington Bancshares Incorporated reports recurring developments as a regional bank holding company built around The Huntington National Bank and related affiliates. Company news covers consumer and commercial banking, payments, wealth management, risk management products, quarterly earnings communications, and cash dividends on common and preferred stock.
Updates also include commercial banking expansion in U.S. markets, consumer banking partnerships, and activity from Capstone Partners, Huntington's middle-market investment banking subsidiary. Capstone-related news commonly addresses M&A advisory, debt and equity placement, restructuring, special situations, valuation and fairness opinions, and sector reports on middle-market transaction activity.
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On April 20, 2023, Huntington Bancshares (Nasdaq: HBAN) declared a quarterly cash dividend of $0.155 per common share, consistent with the previous quarter. This dividend is payable on July 3, 2023, to shareholders recorded on June 19, 2023. Additionally, the Board announced cash dividends on six series of preferred stock, with payments scheduled for July 17, 2023, to shareholders of record on July 1, 2023. Notable dividends include $19.90 for Series B, $2,035.07 for Series E, $1,406.25 for Series F, $1,112.50 for Series G, $11.25 for Series H, and $24.64 for Series J. Huntington Bancshares is a $189 billion asset regional bank headquartered in Columbus, Ohio, providing a broad range of banking and financial services.
Capstone Partners released its Annual Industrials M&A Report, offering insights into merger and acquisition activity, public market valuations, and economic forecasts for 2023. The report highlights that while EBITDA multiples in the industrial sectors were stable at the start of 2022, challenges emerged in Q1 due to rising interest rates and recession fears. By late summer, valuations saw a significant decline before rebounding by fall 2022. The report indicates overall strong performance in the industrial sector compared to other industries, with the Dow Jones Industrial Average's EBITDA ending at 13.9x EV/EBITDA. Capstone anticipates ongoing M&A demand in the industry with key insights on sectors poised for buyer interest in 2023.
Huntington Bancshares reported a strong performance for the first quarter of 2023, with a net income of $602 million, translating to earnings per share (EPS) of $0.39. This EPS reflects a $0.10 year-over-year increase but a $0.03 quarterly decline. Net interest income decreased by $53 million (4%) from the previous quarter but rose by $263 million (23%) compared to last year. The company maintains a solid balance sheet with $100 billion in insured deposits and high liquidity, including $61 billion in cash and equivalents. Huntington achieved notable customer satisfaction rankings and awards, demonstrating its market reputation. Despite challenges, the company emphasizes disciplined execution and expense management to drive future growth.