Shares of Huntington Bancshares Inc. of Columbus, Ohio, took a pounding Monday.
The $54 billion-asset company's stock fell 30%, to $2.02, mainly because of a report that analysts at Fox-Pitt Kelton Cochran Caronia Waller released Friday. The report said that Huntington had a tangible common equity ratio of 3.75% on Dec. 31 — the worst among the companies Fox-Pitt covers. Fox-Pitt said the average such ratio for its coverage universe was 6.36%.
Huntington did not return a phone call Monday.
The KBW Bank Index fell to as low as 3.76% during Monday's trading but closed down just 0.7%. The Dow Jones industrial average fell 0.8%, and the Standard & Poor's 500 fell 0.5%.
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Corrected February 3, 2009 at 10:58AM: An earlier version of this story incorrectly stated the tangible common equity ratio of Huntington Bancshares as calculated by analysts at Fox-Pitt Kelton Cochran Caronia Waller. The correct ratio is 3.75%.