Why Huntington Bank Stock Dropped 5% on Monday
Huntington Bancshares (NASDAQ: HBAN) stock fell 5.3% through 10 a.m. ET on Monday after the company's CFO let slip some disappointing news at a financial conference.
Speaking at the 2024 Morgan Stanley US Financials, Payments and CRE Conference this morning, Huntington CFO Zach Wasserman told investors that Huntington's net interest income (NII) this year will probably fall 1% to 4% from a year ago. This qualifies as an "earnings warning" because, says The Fly, Huntington had previously predicted NII would be roughly flat, plus or minus 2%.
The Fly is referring to Huntington Bancshares' first-quarter earnings report, published April 19, in which Huntington admitted its Q1 earnings dropped 33% from a year prior, to $0.26 per share, on a 9% year-over-year decline in NII.
Source Fool.com
