Huntington Bancshares (HBAN)


Market Price (9/18/2026): $15.87 | Market Cap: $32.1 BilSector: Financials | Industry: Regional Banks

Huntington Bancshares (HBAN)


Market Price (9/18/2026): $15.87
Market Cap: $32.1 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.6%, FCF Yield is 8.4%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.1 Bil, FCF LTM is 2.7 Bil

Low stock price volatility
Vol 12M is 27%

Uninsured deposits are low
Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 20%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more.

Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -4.8%

Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 8.7%

Key risks
HBAN key risks include [1] an increase in criticized loans, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.6%, FCF Yield is 8.4%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%, CFO LTM is 3.1 Bil, FCF LTM is 2.7 Bil
3 Low stock price volatility
Vol 12M is 27%
4 Uninsured deposits are low
Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 20%
5 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -4.8%
7 Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 8.7%
8 Key risks
HBAN key risks include [1] an increase in criticized loans, Show more.

HBAN in ETFs

Weight = HBAN's share of each fund

SPY0.05%
VOO0.05%
IVV0.05%
VTI0.05%
ITOT0.05%
IWB0.05%
RSP0.19%
VTV0.13%
+26 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Huntington Bancshares (HBAN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Earnings Performance and Outlook.

Huntington Bancshares reported mixed results for fiscal Q2 2026 (ended June 30, 2026), which contributed to the stock remaining largely level. The company reported adjusted earnings per share (EPS) of $0.39, meeting consensus estimates, and revenue of $2.86 billion, slightly exceeding analyst forecasts by 0.7%. Net income for the quarter was $727 million, or $0.33 per common share, which was an increase from the prior quarter but a $0.01 decrease from the year-ago quarter. Despite the adjusted beat, the stock experienced a 4.76% decline immediately following the earnings release. This reaction was likely influenced by management guiding its full-year Net Interest Income (NII) to the bottom of its range, citing rising deposit costs, and an increase in the nonperforming asset ratio to 0.85% at quarter-end, up 13 basis points from the prior quarter.

2. Uncertain Macroeconomic Environment and Interest Rate Policy.

The broader macroeconomic landscape, characterized by elevated inflation and uncertainty surrounding the Federal Reserve's monetary policy, played a role in the stock's flat trend. The headline Consumer Price Index (CPI) rose to 4.2% year-over-year in May 2026, and forecasters anticipated higher current-quarter CPI inflation at 6.0%. While the Federal Reserve held its short-term policy rate steady at 3.5-3.75% in fiscal Q2 2026, there were indications of a potentially more hawkish stance and possible rate hikes before year-end if inflation remained high. This environment, coupled with projections for decelerating economic growth and an increased probability of negative growth in the second half of 2026, created a cautious sentiment among investors, affecting regional bank stocks like HBAN.

Show more
Updated on 9/1/2026

Huntington Bancshares (HBAN) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Mixed Fiscal Q2 2026 Earnings Performance and Outlook.

Huntington Bancshares reported mixed results for fiscal Q2 2026 (ended June 30, 2026), which contributed to the stock remaining largely level. The company reported adjusted earnings per share (EPS) of $0.39, meeting consensus estimates, and revenue of $2.86 billion, slightly exceeding analyst forecasts by 0.7%. Net income for the quarter was $727 million, or $0.33 per common share, which was an increase from the prior quarter but a $0.01 decrease from the year-ago quarter. Despite the adjusted beat, the stock experienced a 4.76% decline immediately following the earnings release. This reaction was likely influenced by management guiding its full-year Net Interest Income (NII) to the bottom of its range, citing rising deposit costs, and an increase in the nonperforming asset ratio to 0.85% at quarter-end, up 13 basis points from the prior quarter.

2. Uncertain Macroeconomic Environment and Interest Rate Policy.

The broader macroeconomic landscape, characterized by elevated inflation and uncertainty surrounding the Federal Reserve's monetary policy, played a role in the stock's flat trend. The headline Consumer Price Index (CPI) rose to 4.2% year-over-year in May 2026, and forecasters anticipated higher current-quarter CPI inflation at 6.0%. While the Federal Reserve held its short-term policy rate steady at 3.5-3.75% in fiscal Q2 2026, there were indications of a potentially more hawkish stance and possible rate hikes before year-end if inflation remained high. This environment, coupled with projections for decelerating economic growth and an increased probability of negative growth in the second half of 2026, created a cautious sentiment among investors, affecting regional bank stocks like HBAN.

3. Capital Management and Strategic Initiatives Providing Counterbalance.

Huntington Bancshares' capital management and strategic initiatives helped stabilize the stock, preventing a more significant decline. The company consistently maintained its quarterly cash dividend at $0.155 per common share. Additionally, it actively engaged in share repurchases, buying back $159 million of common shares in fiscal Q2 2026, contributing to a total of $309 million year-to-date. On July 30, 2026, Huntington announced a new five-year, $80 billion Community Plan to support affordable housing, small businesses, and community development, allocating significant capital to these areas. The successful completion of the Cadence systems integration in June 2026 was also highlighted as a key operational milestone, expected to deliver full economic benefits by fiscal Q4 2026. These actions provided a degree of stability and long-term positive outlook despite short-term challenges.

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Stock Movement Drivers

Fundamental Drivers

The -1.1% change in HBAN stock from 5/31/2026 to 9/17/2026 was primarily driven by a -7.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120269172026Change
Stock Price ($)16.0515.88-1.1%
Change Contribution By: 
Total Revenues ($ Mil)8,7849,68310.2%
Net Income Margin (%)25.1%24.8%-1.4%
P/E Multiple13.613.4-1.6%
Shares Outstanding (Mil)1,8692,021-7.5%
Cumulative Contribution-1.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/17/2026
ReturnCorrelation
HBAN-1.1% 
Market (SPY)0.8%34.1%
Sector (XLF)8.3%61.0%

Fundamental Drivers

The -2.7% change in HBAN stock from 2/28/2026 to 9/17/2026 was primarily driven by a -23.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820269172026Change
Stock Price ($)16.3215.88-2.7%
Change Contribution By: 
Total Revenues ($ Mil)8,1319,68319.1%
Net Income Margin (%)27.2%24.8%-8.9%
P/E Multiple11.413.417.4%
Shares Outstanding (Mil)1,5452,021-23.6%
Cumulative Contribution-2.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/17/2026
ReturnCorrelation
HBAN-2.7% 
Market (SPY)11.5%44.8%
Sector (XLF)9.2%66.3%

Fundamental Drivers

The -6.6% change in HBAN stock from 8/31/2025 to 9/17/2026 was primarily driven by a -27.9% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120259172026Change
Stock Price ($)17.0015.88-6.6%
Change Contribution By: 
Total Revenues ($ Mil)7,6789,68326.1%
Net Income Margin (%)27.5%24.8%-9.9%
P/E Multiple11.713.414.0%
Shares Outstanding (Mil)1,4572,021-27.9%
Cumulative Contribution-6.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/17/2026
ReturnCorrelation
HBAN-6.6% 
Market (SPY)19.2%38.5%
Sector (XLF)4.7%67.4%

Fundamental Drivers

The 64.3% change in HBAN stock from 8/31/2023 to 9/17/2026 was primarily driven by a 129.8% change in the company's P/E Multiple.
(LTM values as of)83120239172026Change
Stock Price ($)9.6615.8864.3%
Change Contribution By: 
Total Revenues ($ Mil)7,6259,68327.0%
Net Income Margin (%)31.5%24.8%-21.3%
P/E Multiple5.813.4129.8%
Shares Outstanding (Mil)1,4462,021-28.4%
Cumulative Contribution64.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/17/2026
ReturnCorrelation
HBAN64.3% 
Market (SPY)75.3%56.5%
Sector (XLF)69.8%76.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HBAN Return27%-4%-5%34%11%-7%59%
Peers Return42%-20%-4%29%22%10%89%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
HBAN Win Rate67%50%50%67%50%33% 
Peers Win Rate70%48%45%60%60%42% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
HBAN Max Drawdown-19%-31%-40%-13%-27%-21% 
Peers Max Drawdown-17%-38%-44%-13%-27%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: PNC, TFC, FITB, KEY, CFG. See HBAN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/17/2026 (YTD)

How Low Can It Go

EventHBANS&P 500
2025 US Tariff Shock
  % Loss-25.0%-18.8%
  % Gain to Breakeven33.3%23.1%
  Time to Breakeven79 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.0%-9.5%
  % Gain to Breakeven25.0%10.5%
  Time to Breakeven41 days24 days
2023 SVB Regional Banking Crisis
  % Loss-38.8%-6.7%
  % Gain to Breakeven63.4%7.1%
  Time to Breakeven432 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-23.4%-24.5%
  % Gain to Breakeven30.5%32.4%
  Time to Breakeven138 days427 days
2020 COVID-19 Crash
  % Loss-50.4%-33.7%
  % Gain to Breakeven101.8%50.9%
  Time to Breakeven278 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-25.2%-19.2%
  % Gain to Breakeven33.7%23.8%
  Time to Breakeven315 days105 days

Compare to PNC, TFC, FITB, KEY, CFG

In The Past

Huntington Bancshares's stock fell -25.0% during the 2025 US Tariff Shock. Such a loss loss requires a 33.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventHBANS&P 500
2025 US Tariff Shock
  % Loss-25.0%-18.8%
  % Gain to Breakeven33.3%23.1%
  Time to Breakeven79 days79 days
2023 SVB Regional Banking Crisis
  % Loss-38.8%-6.7%
  % Gain to Breakeven63.4%7.1%
  Time to Breakeven432 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-23.4%-24.5%
  % Gain to Breakeven30.5%32.4%
  Time to Breakeven138 days427 days
2020 COVID-19 Crash
  % Loss-50.4%-33.7%
  % Gain to Breakeven101.8%50.9%
  Time to Breakeven278 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-25.2%-19.2%
  % Gain to Breakeven33.7%23.8%
  Time to Breakeven315 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-31.3%-12.2%
  % Gain to Breakeven45.6%13.9%
  Time to Breakeven273 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.2%-17.9%
  % Gain to Breakeven35.5%21.8%
  Time to Breakeven170 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-22.3%-15.4%
  % Gain to Breakeven28.7%18.2%
  Time to Breakeven157 days125 days
2008-2009 Global Financial Crisis
  % Loss-92.7%-53.4%
  % Gain to Breakeven1265.9%114.4%
  Time to Breakeven2810 days1085 days
Summer 2007 Credit Crunch
  % Loss-22.5%-8.6%
  % Gain to Breakeven29.0%9.5%
  Time to Breakeven3813 days47 days

Compare to PNC, TFC, FITB, KEY, CFG

In The Past

Huntington Bancshares's stock fell -25.0% during the 2025 US Tariff Shock. Such a loss loss requires a 33.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Huntington Bancshares (HBAN)

Huntington Bancshares (HBAN) is a well-established bank holding company that operates The Huntington National Bank, offering a comprehensive suite of financial services. With approximately 1,000 branches spanning 11 states, this Columbus, Ohio-headquartered institution, founded in 1866, serves a broad spectrum of clients from individual consumers to large businesses and government entities.

The company's core services are structured to address various financial needs. For consumers and small businesses, Huntington provides everyday banking essentials like checking and savings accounts, credit cards, consumer and small business loans, mortgages, and investment products. Its Commercial Banking segment is dedicated to middle-market businesses, government and public sector entities, and commercial real estate developers, offering specialized financing, capital raising, and treasury management solutions tailored to their complex requirements.

Beyond traditional banking, Huntington also features distinct segments catering to specific markets. Its Vehicle Finance segment offers financing for automobiles, light-duty trucks, recreational vehicles, and marine craft to consumers, and provides inventory financing for dealerships. Additionally, through its Regional Banking and The Huntington Private Client Group, the company delivers private banking, wealth and investment management, and retirement planning services for affluent individuals and families.

AI Analysis | Feedback

Here are 1-3 brief analogies for Huntington Bancshares:
  • It's like Bank of America, but focused on the Midwest and surrounding states, offering a full range of consumer and commercial banking services.
  • Imagine a regional version of Chase Bank, providing everything from everyday checking accounts to complex commercial loans and wealth management solutions.

AI Analysis | Feedback

Huntington Bancshares (HBAN) offers a comprehensive suite of banking and financial services, which can be categorized as follows:

  • Deposit Accounts: Services including checking accounts, savings accounts, money market accounts, and certificates of deposit.
  • Lending and Credit Services: A wide range of loans for consumers (personal, mortgage, vehicle), small businesses, and commercial entities, along with credit cards and asset finance.
  • Commercial Banking Solutions: Specialized financial services for middle market businesses, government and public sector entities, and commercial real estate, including industry-specific financing and capital raising.
  • Vehicle Finance: Provides financing to consumers for vehicle purchases and to dealerships for new and used inventory.
  • Wealth and Investment Management: Services such as private banking, wealth management, investment management, and retirement plan services.
  • Treasury and Risk Management Services: Offerings like treasury management, corporate risk management products, interest rate risk protection, and foreign exchange.
  • Insurance Products: Various insurance offerings for consumers and businesses.
  • Digital Banking Services: Online, mobile, and telephone banking platforms for convenient account access and management.

AI Analysis | Feedback

Huntington Bancshares (HBAN) serves a diverse customer base, including both individuals and businesses. Due to the broad nature of a bank's operations and its extensive customer base across various segments, it is not feasible to list specific customer company names. Instead, its major customers can be described across the following categories:

  1. Individual Consumers: This category includes everyday individuals who utilize a wide range of personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit, credit cards, consumer loans, mortgages, and financing for personal automobiles, light-duty trucks, recreational vehicles, and marine craft.
  2. Commercial and Business Clients: This broad category encompasses small businesses, middle market businesses, government and public sector entities, commercial real estate developers/REITs, and franchised dealerships (for inventory financing). It also includes specialized industries such as healthcare, technology and telecommunications, franchise finance, sponsor finance, and global services, all seeking various commercial banking solutions, asset finance, capital raising, and treasury management services.
  3. Wealth Management and Private Clients: This segment caters to affluent individuals and high-net-worth clients seeking specialized financial services including private banking, comprehensive wealth and investment management, and retirement plan services.

AI Analysis | Feedback

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AI Analysis | Feedback

Stephen D. Steinour, Chairman, President, and Chief Executive Officer

Stephen D. Steinour joined Huntington in 2009. Prior to this, he served as Managing Partner at CrossHarbor Capital Partners, which has been described as a private equity firm and a manager of alternative investments. Before his time at CrossHarbor Capital Partners, he was President and CEO of Citizens Financial Group, Division Executive for Fleet Financial Group, and Executive Vice President at Bank of New England. Mr. Steinour began his career as an analyst for the U.S. Treasury Department and later worked for the FDIC.

Zachary J. Wasserman, Chief Financial Officer, Senior Executive Vice President

Zachary J. Wasserman joined Huntington in November 2019. Before joining Huntington, he served as the Chief Financial Officer for Visa, Inc.'s North American business. Prior to Visa, Mr. Wasserman held various roles at American Express Company, including Chief Financial Officer of the U.S. consumer business, and for global merchant services, global network services, and the global commercial card business. He started his career in investment banking at Prudential Securities and corporate development at Mercer Partners.

Helga S. Houston, Senior Executive Vice President, Chief Risk Officer

Helga S. Houston is the Chief Risk Officer at Huntington Bancshares. She leads the company's Corporate Risk Management and Legal team, which is responsible for the enterprise risk management program that supports Huntington's strategies.

Julie C. Tutkovics, Senior Executive Vice President, Chief Marketing and Communications Officer

Julie C. Tutkovics joined Huntington in August 2016 following Huntington's acquisition of FirstMerit Corporation, where she held the position of Executive Vice President and Chief Marketing Officer from November 2010 to August 2016. Her career in banking also includes marketing and product leadership roles at New York Community Bancorp, Inc. (formerly AmTrust Bank), Citizens Financial Group (Charter One, Citizens Bank, and RBS Americas brands), Fidelity Investments, and KeyCorp.

Scott D. Kleinman, Senior Executive Vice President and President, Commercial Bank

Scott D. Kleinman succeeded Rick Remiker as Commercial Banking Director in May 2020. He has been with Huntington since 1991. During his tenure, he launched Huntington's interest rate derivative platform and commodities hedging business, expanded institutional trading, foreign exchange and public finance capabilities, and served as Chief Operating Officer of Capital Markets.

AI Analysis | Feedback

Here are the key risks to Huntington Bancshares (HBAN):

  1. Market Risk from Interest Rate Fluctuations: Huntington Bancshares is significantly exposed to market risk, primarily due to fluctuations in interest rates. The company's financial performance depends substantially on its net interest income, which is the difference between the interest earned on its assets (such as loans and investments) and the interest paid on its liabilities (like deposits and borrowings). Changes in governmental monetary policies and broader economic conditions can cause interest rates to move, directly impacting this crucial income stream. While Huntington uses financial simulation models and derivatives to manage various rate scenarios, interest rate volatility remains a core vulnerability.
  2. Credit Risk: Huntington Bancshares faces inherent credit risk, which intensifies during periods of economic downturns. This risk is particularly evident in the potential for loan and lease customers or other counterparties to be unable to fulfill their financial obligations. An increase in "criticized loans," especially within its commercial and industrial (C&I) and commercial real estate (CRE) portfolios, poses a direct threat to the bank's financial stability. Such an increase can foreshadow a rise in non-performing assets and loan losses, which would negatively affect the bank's profitability and capital ratios, potentially leading to increased loan loss provisions.
  3. Integration Risk from Acquisitions: Huntington Bancshares has recently undertaken significant acquisitions, including Cadence Bank and Veritex, which introduce substantial integration risks. The complexities involved in merging different corporate cultures, harmonizing operational processes, and consolidating technology systems can be costly and challenging. Ineffective management of these integration efforts could lead to operational inefficiencies, a decline in customer retention, or unforeseen expenses, potentially impacting the bank's performance.

AI Analysis | Feedback

The continued rapid growth and adoption of digital-only banks (neobanks) and other financial technology (fintech) companies offering core banking services, often with lower fees, superior digital user experiences, and a branchless model, poses a clear emerging threat to traditional regional banks like Huntington Bancshares by attracting customers away from their established consumer and business banking segments.

AI Analysis | Feedback

Huntington Bancshares (HBAN) operates in several significant addressable markets within the United States.

  • Consumer and Business Banking (Retail Banking): The United States retail banking market is estimated to be approximately USD 0.87 trillion in 2025.
  • Small Business Lending: The U.S. small business loan market was valued at $245.39 billion in 2023. Additionally, banks originated over $328 billion in loans to small businesses across the U.S. in 2023.
  • Mortgages: The total single-family mortgage origination volume in the U.S. is expected to reach $2.0 trillion in 2025 and increase to $2.2 trillion in 2026.
  • Commercial Banking: The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025.
  • Vehicle Finance (Auto Loans): The U.S. Auto Loan Market is projected to be USD 676.20 billion in 2025.
  • Wealth Management and Private Banking: The USA Wealth Management Market oversees trillions of dollars in assets under management (AUM). Specifically, robo-advisors alone managed over $1 trillion in assets as of 2025. The United States private banking market is valued at USD 59.54 billion in 2025.
  • Treasury Management Services: The Treasury Management Market in the U.S. is estimated to be valued at USD 6.6 billion in 2025.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Huntington Bancshares (HBAN)

  • Expansion into High-Growth Markets and Acquisitions: Huntington Bancshares is strategically expanding its presence, particularly through recent acquisitions like Cadence Bank and Veritex, into faster-growing Southern markets such as Texas, Mississippi, Alabama, and the Carolinas. This geographic expansion is anticipated to unlock new growth opportunities and enhance market density, leading to increased revenue.
  • Accelerated Loan and Sustained Deposit Growth: Management projects an acceleration in loan growth and continued expansion of deposit balances over the next few years. This growth is expected to be both organic and supported by the expanded footprint resulting from acquisitions, driving an increase in earning assets.
  • Net Interest Income (NII) Expansion: Huntington anticipates growth in net interest income, which is expected to be driven by factors such as the repricing of fixed assets, lower deposit costs, and effective balance sheet management. Projections indicate annual NII growth in the range of 10-13% for 2026.
  • Increased Noninterest (Fee) Income: The company expects to see a rise in noninterest income, with growth strategies focusing on diversified capital markets revenues, building advisory pipelines, and an increase in payments revenue through higher penetration of treasury management services. Core non-interest income growth is projected to be 5% to 7% for the full year 2024, with fee revenues projected to rise 13-16% in 2026.
  • Realization of Revenue Synergies from Acquisitions: Huntington is actively integrating its recent acquisitions and expects to realize significant revenue synergies. These synergies are projected to reach a run-rate of over $300 million by 2028, reinforcing the company's earnings outlook.

AI Analysis | Feedback

Share Repurchases

  • Huntington Bancshares' Board of Directors approved a $1 billion share repurchase authorization in January 2023 for the following eight quarters.
  • Another $1 billion share repurchase authorization was announced in April 2025, providing flexibility for capital deployment.
  • Management's goals for 2027 include expanded share repurchases, targeting roughly $1.1 billion to $1.2 billion.

Share Issuance

  • In 2021, the company's shares outstanding significantly increased by 41.99% from 2020, to 1.44 billion shares, following the merger with TCF Financial Corporation, which closed in June 2021.
  • Huntington announced in July 2025 the all-stock acquisition of Texas-based Veritex Community Bank for $1.9 billion, which completed in October 2025.
  • In October 2025, the company announced an all-stock deal to acquire Cadence Bank for $7.4 billion, involving the issuance of approximately 462 million new Huntington common shares. This merger was completed in February 2026.

Outbound Investments

  • In June 2021, Huntington completed the acquisition of TCF Financial Corporation, a Detroit-based bank, which expanded its presence across the Midwest.
  • During 2022, Huntington acquired Capstone Partners to enhance its capital markets capabilities and Torana to strengthen digital banking and enterprise payments strategies.
  • In October 2025, Huntington completed the acquisition of Veritex Holdings, Inc., a Texas-based lender, which added $9.3 billion in loans and $10.5 billion in deposits and expanded its presence in Texas. In February 2026, the acquisition of Cadence Bank for approximately $7.4 billion was completed, further expanding its footprint across the Southern U.S.

Capital Expenditures

  • In 2023, capital expenditures were primarily driven by investments in equipment and software aimed at alleviating labor shortages and improving operational efficiencies.
  • The company continues to focus on investments in digital channels and technology, including tools like The Hub and Huntington Heads Up®, to enhance customer engagement and financial management.
  • Huntington plans to reinvest cost savings into digital technology and marketing initiatives, with significant AI investment included under digital and technology as part of its long-term growth strategy for 2026.

Peer Outperformance in Regional Banks

HBAN has trailed 74% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 7th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that HBAN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
3%
of 288 industry peers · -6.0% return
3Y
30%
of 276 industry peers · 69.6% return
5Y
26%
of 264 industry peers · 32.5% return
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Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is HBAN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 25.6%72.3%130.3% SPNT 162% · RGA 145% · RNR 137%
Investment Banking & Brokerage 13 -0.7%98.4%114.1% IBKR 490% · SNEX 242% · GS 174%
Diversified Banks 12 29.7%123.6%112.7% CM 152% · JPM 151% · RY 143%
Life & Health Insurance 20 9.0%54.4%104.7% JXN 546% · UNM 358% · FG 212%
Multi-Sector Holdings 4 3.5%45.9%80.7% JONE 361% · BRK-B 84% · VOYA 77%
Property & Casualty Insurance 42 11.0%67.5%66.8% ASIC 2816900% · HRTG 488% · UVE 321%
Regional Banks ← 265 25.6%88.8%64.1% ESQ 371% · VBNK 348% · GCBC 328%
Multi-line Insurance 9 12.2%71.6%62.2% GNW 191% · L 108% · SLF 97%
Financial Exchanges & Data 15 -9.0%11.9%30.6% VIRT 182% · CBOE 130% · CME 77%
Diversified Financial Services 4 -11.2%18.3%26.4% FRHC 168% · EQH 110% · TMS -58%
Consumer Finance 30 2.8%81.9%25.4% ENVA 459% · EZPW 347% · FCFS 163%
Insurance Brokers 16 -16.5%-6.4%19.7% LIFE 253% · ARX 89% · AJG 71%
Asset Management & Custody Banks 84 -10.6%13.4%11.6% WT 303% · SII 270% · VCTR 247%
Commercial & Residential Mortgage Finance 13 -52.3%20.7%10.1% FNMA 458% · FMCC 424% · ACT 204%
Specialized Finance 3 17.1%37.2%-1.0% EFC 28% · CACC -1% · HASI -17%
Mortgage REITs 33 -11.8%4.3%-15.7% NREF 53% · RITM 43% · DX 35%
Transaction & Payment Processing Services 15 -0.7%-9.1%-44.6% V 73% · MA 70% · CPAY 57%
Diversified Capital Markets 20 -33.8%14.9%-57.1% OPY 188% · LPLA 130% · GOLD 96%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

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Financials

HBANPNCTFCFITBKEYCFGMedian
NameHuntingt.PNC Fina.Truist F.Fifth Th.KeyCorp Citizens. 
Mkt Price15.88232.0148.4553.2720.9567.3950.86
Mkt Cap32.193.559.348.622.428.540.3
Rev LTM9,68324,55420,85010,4907,5978,72610,086
Op Inc LTM-------
FCF LTM2,6837,4885,7972,8961,1992,3742,790
FCF 3Y Avg2,3837,1064,8013,3421,4652,1612,862
CFO LTM3,0627,4885,7973,6651,3112,5013,364
CFO 3Y Avg2,6217,1064,8013,9121,5572,2873,266

Growth & Margins

HBANPNCTFCFITBKEYCFGMedian
NameHuntingt.PNC Fina.Truist F.Fifth Th.KeyCorp Citizens. 
Rev Chg LTM26.1%11.1%4.1%23.8%53.6%11.0%17.5%
Rev Chg 3Y Avg9.1%3.8%8.8%7.4%7.8%0.7%7.6%
Rev Chg Q46.4%13.5%5.6%45.3%7.1%12.1%12.8%
QoQ Delta Rev Chg LTM10.2%3.2%1.4%10.6%1.7%2.9%3.1%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM31.6%30.5%27.8%34.9%17.3%28.7%29.6%
CFO/Rev 3Y Avg32.1%32.0%27.9%43.8%26.4%27.9%30.0%
FCF/Rev LTM27.7%30.5%27.8%27.6%15.8%27.2%27.7%
FCF/Rev 3Y Avg29.3%32.0%27.9%37.6%24.9%26.4%28.6%

Valuation

HBANPNCTFCFITBKEYCFGMedian
NameHuntingt.PNC Fina.Truist F.Fifth Th.KeyCorp Citizens. 
Mkt Cap32.193.559.348.622.428.540.3
P/S3.33.82.84.63.03.33.3
P/Op Inc-------
P/EBIT-------
P/E13.412.310.220.711.113.412.8
P/CFO10.512.510.213.317.111.411.9
Total Yield10.6%11.1%14.2%7.5%13.7%10.2%10.9%
Dividend Yield3.2%2.9%4.4%2.7%4.6%2.7%3.1%
FCF Yield 3Y Avg9.5%9.4%8.5%10.9%8.5%10.7%9.5%
D/E0.70.91.20.40.70.60.7
Net D/E0.00.50.4-0.9-0.1-1.2-0.1

Returns

HBANPNCTFCFITBKEYCFGMedian
NameHuntingt.PNC Fina.Truist F.Fifth Th.KeyCorp Citizens. 
1M Rtn-9.2%-8.8%-7.6%-7.0%-7.2%-8.3%-7.9%
3M Rtn-4.9%0.8%1.2%1.7%-6.4%1.1%0.9%
6M Rtn6.7%16.6%12.7%24.0%10.8%19.7%14.7%
12M Rtn-6.0%17.6%11.3%20.0%16.6%32.8%17.1%
3Y Rtn69.6%107.9%95.8%119.8%113.0%177.5%110.5%
1M Excs Rtn-8.5%-8.1%-6.9%-6.3%-6.5%-7.6%-7.2%
3M Excs Rtn-7.8%-2.6%-1.4%-0.9%-9.3%-1.4%-2.0%
6M Excs Rtn-8.2%1.9%-2.5%8.0%-3.3%5.3%-0.3%
12M Excs Rtn-20.1%3.7%-2.2%6.8%1.5%20.2%2.6%
3Y Excs Rtn-4.8%36.5%15.9%45.9%34.6%96.8%35.5%

Comparison Analyses

null

FDIC Bank Data

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Consumer & Regional Banking5,5515,3714,9744,4854,392
Commercial Banking2,9112,8392,8082,4742,002
Treasury / Other-296-825-422295-403
Total8,1667,3857,3607,2545,991


Operating Income by Segment
$ Mil20152014201320122011
Retail and Business Banking398235104137270
Commercial Banking290265   
Automobile Finance and Commercial Real Estate254302312310286
Regional Banking and The Huntington Private Client Group1434   
Home Lending-7-30   
Treasury Other-364815736-58
Regional and Commercial Banking  181199169
Wealth Advisors, Government Finance, and Home Lending  10014440
Total914853855825707


Net Income by Segment
$ Mil20252024202320222021
Consumer & Regional Banking1,4621,5121,3151,0271,337
Commercial Banking1,1251,1531,1791,087939
Treasury / Other-376-725-543124-981
Total2,2111,9401,9512,2381,295


Assets by Segment
$ Mil20252024202320222021
Consumer & Regional Banking87,30778,84173,08238,56139,929
Commercial Banking79,79866,91963,37763,81257,071
Treasury / Other58,00158,47052,90949,02747,987
Regional Banking and The Huntington Private Client Group   10,0458,325
Vehicle Finance   21,46120,752
Total225,106204,230189,368182,906174,064


Price Behavior

Price Behavior
Market Price$15.88 
Market Cap ($ Bil)32.1 
First Trading Date03/26/1990 
Distance from 52W High-15.2% 
   50 Days200 Days
DMA Price$17.14$16.68
DMA Trendupindeterminate
Distance from DMA-7.3%-4.8%
 3M1YR
Volatility24.9%27.0%
Downside Capture104.6287.71
Upside Capture66.3464.66
Correlation (SPY)38.8%38.1%
HBAN Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.691.070.520.760.771.06
Up Beta1.251.140.400.931.021.15
Down Beta1.732.050.690.590.771.19
Up Capture5%38%52%61%48%82%
Bmk +ve Days10213268138427
Stock +ve Days13243869135383
Down Capture66%131%46%86%84%98%
Bmk -ve Days11213259113324
Stock -ve Days8182658112351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HBAN
HBAN-4.6%27.0%-0.20-
Sector ETF (XLF)5.6%14.6%0.1567.6%
Equity (SPY)16.6%12.9%0.9238.4%
Gold (GLD)17.4%29.3%0.558.4%
Commodities (DBC)45.8%20.7%1.72-17.7%
Real Estate (VNQ)5.7%13.5%0.1642.7%
Bitcoin (BTCUSD)-34.9%43.9%-0.8511.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HBAN
HBAN5.5%31.2%0.21-
Sector ETF (XLF)9.9%18.4%0.4078.6%
Equity (SPY)12.6%17.2%0.5658.2%
Gold (GLD)18.9%18.8%0.81-1.2%
Commodities (DBC)11.7%19.6%0.4710.0%
Real Estate (VNQ)1.0%18.8%-0.0549.0%
Bitcoin (BTCUSD)10.4%52.5%0.3819.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HBAN
HBAN9.4%34.2%0.35-
Sector ETF (XLF)12.9%22.1%0.5382.6%
Equity (SPY)15.1%18.0%0.7160.3%
Gold (GLD)12.0%16.4%0.60-7.9%
Commodities (DBC)8.5%18.1%0.3920.5%
Real Estate (VNQ)4.4%20.7%0.1750.4%
Bitcoin (BTCUSD)62.0%66.1%1.0212.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity51.5 Mil
Short Interest: % Change Since 81520261.5%
Average Daily Volume20.6 Mil
Days-to-Cover Short Interest2.5 days
Basic Shares Quantity2,021.4 Mil
Short % of Basic Shares2.5%

Earnings Returns History

Updated 8/25/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2026-4.8%-7.8%-6.9%
4/23/20260.1%-3.0%-5.8%
1/22/2026-6.0%-9.1%-4.0%
10/20/20252.2%3.7%-1.3%
7/18/2025-1.6%-2.0%-2.4%
4/17/20253.0%9.6%21.9%
1/17/20251.0%2.1%0.3%
10/17/2024-2.6%-1.9%10.7%
...
SUMMARY STATS   
# Positive111212
# Negative121111
Median Positive2.9%2.9%10.3%
Median Negative-3.2%-5.2%-5.0%
Max Positive9.5%12.9%23.3%
Max Negative-9.0%-9.7%-13.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2026-4.8%-7.8%-6.9%
4/23/20260.1%-3.0%-5.8%
1/22/2026-6.0%-9.1%-4.0%
10/20/20252.2%3.7%-1.3%
7/18/2025-1.6%-2.0%-2.4%
4/17/20253.0%9.6%21.9%
1/17/20251.0%2.1%0.3%
10/17/2024-2.6%-1.9%10.7%
7/19/20243.9%5.3%-2.8%
1/19/20243.9%5.7%5.1%
10/20/2023-3.9%-3.2%10.5%
7/21/2023-0.7%1.2%-6.1%
4/20/2023-1.8%-8.5%-13.6%
1/20/20230.6%6.4%9.8%
10/21/20229.5%12.9%12.8%
7/21/20222.9%1.0%10.6%
4/21/2022-1.0%-5.2%-7.9%
1/21/2022-9.0%-9.7%-5.0%
10/28/2021-0.3%1.5%-3.8%
7/29/20212.6%1.9%10.1%
4/22/2021-6.7%-1.3%0.1%
1/22/2021-4.6%-6.5%7.3%
10/22/20207.1%1.4%23.3%
SUMMARY STATS   
# Positive111212
# Negative121111
Median Positive2.9%2.9%10.3%
Median Negative-3.2%-5.2%-5.0%
Max Positive9.5%12.9%23.3%
Max Negative-9.0%-9.7%-13.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/28/202610-Q
03/31/202604/30/202610-Q
12/31/202502/13/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/14/202510-K
09/30/202410/29/202410-Q
06/30/202407/30/202410-Q
03/31/202404/30/202410-Q
12/31/202302/16/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/17/202310-K
09/30/202210/28/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/28/202610-Q
03/31/202604/30/202610-Q
12/31/202502/13/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/14/202510-K
09/30/202410/29/202410-Q
06/30/202407/30/202410-Q
03/31/202404/30/202410-Q
12/31/202302/16/202410-K
09/30/202310/27/202310-Q
06/30/202307/28/202310-Q
03/31/202304/28/202310-Q
12/31/202202/17/202310-K
09/30/202210/28/202210-Q
06/30/202207/29/202210-Q
03/31/202204/29/202210-Q
12/31/202102/18/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202104/30/202110-Q
12/31/202002/26/202110-K
09/30/202010/30/202010-Q
06/30/202007/31/202010-Q
03/31/202005/01/202010-Q
12/31/201902/14/202010-K
09/30/201910/28/201910-Q

Insider Activity

Updated 9/4/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kowalski, Kendall AChief Information OfficerDirectSell804202617.2027,971481,1021,204,436Form
2Hingst, Marcy CSEVP and General CounselDirectSell626202618.0010,568190,2244,821,465Form
3Rollins, James D Iii DirectSell616202617.35223,5223,878,10710,620,889Form
4Rollins, James D Iii LLCBuy604202620.304,79897,399203,000Form
5Rollins, James D Iii LLCBuy604202616.4687314,370197,520Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kowalski, Kendall AChief Information OfficerDirectSell804202617.2027,971481,1021,204,436Form
2Hingst, Marcy CSEVP and General CounselDirectSell626202618.0010,568190,2244,821,465Form
3Rollins, James D Iii DirectSell616202617.35223,5223,878,10710,620,889Form
4Rollins, James D Iii LLCBuy604202620.304,79897,399203,000Form
5Rollins, James D Iii LLCBuy604202616.4687314,370197,520Form
6Rollins, James D Iii LLCBuy604202620.355,202105,861105,861Form
7Rollins, James D Iii LLCBuy604202616.5011,127183,596183,596Form
8Kleinman, Scott DSenior Exec. V.P.DirectSell603202616.2019,425314,6857,522,246Form
9Rollins, James D Iii DirectBuy429202621.053,02963,760199,975Form
10Rollins, James D Iii DirectBuy429202617.096,500111,085196,535Form
11Rollins, James D Iii DirectBuy429202621.051,97141,490136,215Form
12Steinour, Stephen DPresident, CEO & ChairmanDirectBuy316202615.4932,277499,97122,349,662Form
13Nateri, PrashantChief Corp Operations OfficerDirectSell316202615.5010,171157,6481,299,192Form
14Kleinman, Scott DSenior Exec. V.P.DirectSell316202615.2865,5301,001,2987,360,003Form
15Rollins, James D Iii DirectBuy309202625.391,12728,614101,559Form
16Rollins, James D Iii DirectBuy309202617.65851,50088,250Form
17Rollins, James D Iii DirectBuy303202621.4050010,70096,300Form
18Rollins, James D Iii DirectBuy303202621.754,00087,00087,000Form
19Rollins, James D Iii DirectBuy303202625.382,87372,91772,917Form
20Torgow, Gary DirectBuy223202617.8114,200252,90216,800,902Form
21Lawlor, Brendan AExecutive VP and CCODirectSell212202618.9317,455330,426802,593Form
22Standridge, Brantley JSenior Exec. V.P.DirectSell206202619.145,830111,5576,270,087Form
23Dhingra, AmitChief Enterprise Pmts OfficerDirectSell109202618.5010,000185,0002,879,228Form
24Kowalski, Kendall AChief Information OfficerDirectSell1215202517.802,48144,1741,274,230Form
25Hingst, Marcy CSEVP and General CounselDirectSell1215202518.0012,832230,9764,310,521Form
26Kowalski, Kendall AChief Information OfficerDirectSell1215202517.931,54727,7452,074,054Form
27Houston, HelgaSenior Exec. V. P.DirectSell1124202515.3864,587993,3488,222,767Form
28Hingst, Marcy CSEVP and General CounselDirectSell1117202515.656,416100,4103,948,579Form
29Inglis, John C DirectBuy1105202515.306,50699,5421,374,418Form
30Hingst, Marcy CSEVP and General CounselDirectSell909202518.0041,100739,8005,388,506Form

Investor Activity (13F)

Updated Sep 18, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
140 Summer Partners LP$51.6 Mil4.6%20New13F
Rhino Investment Partners, Inc$13.8 Mil3.8%39New13F
Endeavour Capital Advisors Inc$13.7 Mil3.1%42ADD +4293.9%13F
Randolph Co Inc$29.1 Mil2.8%43Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
140 Summer Partners LP$51.6 Mil4.6%20New13F
Rhino Investment Partners, Inc$13.8 Mil3.8%39New13F
Endeavour Capital Advisors Inc$13.7 Mil3.1%42ADD +4293.9%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
140 Summer Partners LP$51.6 Mil4.6%20New13F
Randolph Co Inc$29.1 Mil2.8%43Hold13F
Rhino Investment Partners, Inc$13.8 Mil3.8%39New13F
Endeavour Capital Advisors Inc$13.7 Mil3.1%42ADD +4293.9%13F

HBAN Trade Sentinel


Stock Conviction

Constructive

CONVICTION RATIONALE

Conviction is constructive because the complex Cadence systems conversion is complete, removing a major operational risk. Management has committed to a specific cost-saving target by Q4 2026 and has explicitly stated that Q2 2026 represented the low point for profitability pressure. The investment case now rests on the company delivering against these clear, near-term financial milestones.

STOCK ARCHETYPE
Financial Services (Net Interest Income + Fee Income)

(Average Earning Assets * Net Interest Margin) + Volume of Fee-Generating Services Realizing cost and revenue synergies from recent large-scale acquisitions while cross-selling higher-margin, capital-light fee services (capital markets, wealth management) into the newly expanded customer base.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Can M&A synergies and new market growth overpower near-term margin pressure?

Evidence suggests Huntington is successfully executing a complex integration that positions it for higher long-term returns, despite current headwinds.

Mechanism: Achieving its targeted Q4 core efficiency ratio in the mid to low 54% range and expanding into new, faster-growing markets is expected to drive ROTCE to its 18%-19% target for 2027.
Supporting Evidence:
  • The complex systems conversion of Cadence Bank was successfully completed in mid-June 2026.
  • Management is targeting a core efficiency ratio in the mid to low 54% range by Q4 2026.
  • New markets from acquisitions are projected to grow roughly 30% faster than the national average.
  • The company is targeting a Return on Tangible Common Equity of 18%-19% for 2027.
PRIMARY RISK
Sustained Funding Cost Pressure

Persistently high deposit costs could erode the earnings power of the newly combined bank, offsetting synergy benefits and making the acquisitions less profitable than anticipated.

Mechanism: Net Interest Margin failing to expand from its Q2 2026 level of 3.21% in subsequent quarters.
Supporting Evidence:
  • Full-year 2026 Net Interest Income is expected at the bottom end of the prior range or below.
  • The Net Interest Margin was 3.21% in Q2 2026, down from the prior quarter.
  • Management cited 'incremental pressure on funding costs' as a primary driver of the weaker outlook.
  • The stock reacted -5.0% to the Q2 earnings report focused on this pressure.
Key KPI Watchlist
KPI Status Rationale
Average Loan Growth8.6% sequential growth in Q2 2026, which includes 1.2% organic growth. - DeceleratingHeadline growth is accelerating due to the large Cadence and Veritex acquisitions. However, sequential organic growth, the measure of underlying momentum, decelerated slightly in the latest quarter. Management attributed this to a planned decline in commercial real estate and lower auto production.
Average Deposit Growth9.2% sequential growth in Q2 2026, which includes 1.8% organic growth. - DeceleratingSimilar to loans, headline growth is accelerating due to M&A. Organic sequential growth remains robust and outpaced loan growth, providing a strong funding base. Management attributes this to customer acquisition and deepening primary bank relationships.
Return on Average Tangible Common Equity (ROTCE) (Q2 2026)Market rewards Management is targeting an 18%-19% ROTCE range for 2027.. Measures the company's profitability and efficiency in generating profit from its tangible equity capital.
Primary Bank Relationships (PBRs) GrowthConsumer PBRs +4% YoY, Commercial PBRs +8% YoY (Q2 2026)Indicates the growth of core, sticky customer relationships, which are the foundation for low-cost deposits and cross-selling opportunities.
Efficiency Ratio61.5% (Q2 2026)Market rewards Management is targeting a core efficiency ratio in the mid to low 54% range by Q4 2026.. Measures noninterest expense as a percentage of revenue, indicating operational cost-effectiveness. A lower ratio is better.
Core Investment Debate

Integration Synergies vs. Cyclical Margin Squeeze

BULL VIEW

Bulls believe management will hit its Q4 2026 efficiency target of low-to-mid 54%, proving the cost-saving thesis, while strong fee income growth provides an offset to temporary interest income pressure.

CORE TENSION

Can the targeted Q4 efficiency ratio improvement offset the NII guidance cut that prompted a -5.0% stock decline?


PREVAILING SENTIMENT
CAUTIOUSLY BULLISH

The latest evidence favors the bull case. Management has explicitly called a Q2 trough in margin pressure and is delivering on operational milestones like the Cadence conversion, with strong fee income outperformance.

BEAR VIEW

Bears contend that persistent pressure on funding costs will cause Net Interest Income to miss expectations, overwhelming any cost savings and leading to disappointing earnings for the combined company.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
the fourth quarter of 2026
Crosses Regulatory Asset Threshold
Watch: The company's total average consolidated assets are expected to exceed $250 billion, triggering Category III banking organization status.
10/15/2026 - 10/20/2026
Peer Read-Through on Deposit Costs
Watch: Peer commentary on deposit betas, non-interest-bearing deposit mix, and forward guidance on net interest margin.
10/16/2026
Peers TFC and CFG Report
Watch: Peers Truist Financial and Citizens Financial are scheduled to report earnings, offering insight into competitive dynamics.
10/19/2026
Peer FITB Earnings Report
Watch: Peer Fifth Third Bancorp is scheduled to report earnings.
10/22/2026
Earnings Miss on NII Pressure
Watch: Reported Q3 Net Interest Income and Net Interest Margin versus expectations, and any revision to Q4 guidance.
November 4, 2026
Adverse Litigation Verdict
Watch: News flow from the trial, including motions, witness testimony, and the final verdict or any settlement.
November 4, 2026
Donelon v. Americas Insurance Trial
Watch: A trial is scheduled to commence in the Donelon v. Americas Insurance Co. case inherited from Cadence Bank.
Key Events in Last 6 Months
Date Event Stock Impact
2026-09-08
New President Appointed
Details: Brant Standridge was appointed President of Huntington Bancshares and The Huntington National Bank, effective immediately, as part of a multi-year succession plan.
-2.3%
$17.03 -> $16.63
2026-07-23
Q2 Earnings and Guidance Update
Details: Reported Q2 EPS of $0.33. Management guided full-year Net Interest Income to the low end of the range or below, citing funding cost pressures. The stock reacted -5.0%.
-5.0%
$18.27 -> $17.36
2026-07-23
Cadence Systems Conversion Completed
Details: The company successfully completed the systems conversion of Cadence Bank in mid-June, described as the last major milestone in the integration and the largest in Huntington's history.
-5.0%
$18.27 -> $17.36
2026-04-23
Q1 Earnings Report
Details: The company reported first quarter results, after which the stock had a two-day reaction of -2.0%. The earnings call focused on the upcoming Cadence conversion and strong fee income.
-2.5%
$16.67 -> $16.25
2026-03-18
Lifted 2026 Buyback Outlook
Details: Management lifted the company's 2026 share buyback outlook to $550 million, citing "strong momentum" and progress on integrating its recent partnerships.
-0.4%
$15.10 -> $15.03
Risk Management
Position Sizing

5% - 7%

NORMAL POSITION

Sizing is volatility-based: HBAN trades at roughly 25% annualized options-implied volatility versus about 13% for the S&P 500 (1.8x the market), around the 25th percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives
PNC - PNC Financial Services
Larger-Scale Incumbent

PNC offers exposure to the same sector with greater scale, as its revenue is 2.5 times Huntington's, and a superior free-cash-flow margin of 30.5% suggests higher operational efficiency.

Core Thesis: An investment in a more mature, scaled, and efficient super-regional bank with strong business momentum.
KEY - a business partner
Peer Regional Bank

a business partner provides an alternative investment in a similarly sized regional bank, allowing for diversification away from Huntington's specific M&A integration risk.

Core Thesis: A play on regional banking trends without the specific execution risk of Huntington's large-scale integrations.
How Is The Market Pricing HBAN?

A rapidly scaling super-regional bank in the midst of a major integration phase, betting that M&A-driven expansion into high-growth markets will fuel superior long-term earnings power.

Huntington has transformed itself through the large-scale acquisitions of Veritex and Cadence, gaining a significant foothold in the fast-growing Texas and Southern U.S. markets. While its core organic growth engine remains strong, the company's primary focus is now on executing the complex integration of these new franchises. Success hinges on realizing projected cost and revenue synergies and proving the combined entity's enhanced earnings power to the market.

What will confirm the thesis

Achieving the Q4 2026 efficiency ratio target, demonstrating clear revenue synergy capture in Texas, and maintaining strong organic deposit growth in both legacy and new markets.

What will damage the thesis

Failure to meet cost synergy targets, significant customer or banker attrition from the acquired banks, or a material increase in credit problems within the acquired loan portfolios.

Noise: Real but irrelevant to thesis

Minor quarterly fluctuations in Net Interest Margin (NIM), especially if offset by strength in fee income; short-term stock underperformance ahead of integration milestones.

Repricing Catalyst

The market gaining a clear view of the combined company's full earnings power, which management expects will be evident in the Q4 2026 results.

What HBAN Makes & Who Pays
TTM figures based on the twelve months through fiscal Q2 2026
Consumer & Regional Banking
$6.6B TTM (68% of Total)
What It Is

Provides financial products and services to consumer and business customers, including deposits, lending (mortgage, auto, home equity), payments, dealer financing, investment management, trust, brokerage, and insurance.

Who Pays & How

Consumers and small-to-mid-sized businesses pay interest on loans and fees for various financial services. They are drawn to Huntington's 'Fair Play' banking philosophy, which includes customer-friendly products like '24-Hour Grace' and 'Standby Cash'.

Interest rates on loans and deposits, asset-based fees for wealth and investment management, and various service and transaction fees.
Competition
Other banks, savings and loans, credit unions, finance companies, and non-bank fintech companies.
Non-bank competitors often have fewer regulatory constraints and potentially lower cost structures.
A brand built on a 'Fair Play' banking philosophy, a network of local branches combined with national-scale digital capabilities, and a diversified product set.
Commercial Banking
$3.4B TTM (35% of Total)
What It Is

Serves mid-market to large corporate customers with products including lending, liquidity and treasury management, capital markets advisory, asset finance (equipment, asset-based lending), and commercial real estate banking.

Who Pays & How

Medium to large enterprises pay interest on loans and fees for specialized services. They choose Huntington for its industry-specific expertise in verticals like healthcare and technology, and its ability to handle larger, more complex transactions, particularly after recent acquisitions increased its balance sheet capacity.

Interest rates on loans, advisory fees for capital markets transactions, and service fees for treasury management and other products.
Competition
Other banks and non-bank lenders.
A model that combines national expertise and capabilities with local delivery, along with deep expertise in specific industry verticals.
HBAN Evolution: Price Return by Era
Pre-2025 · Midwest-Centric Organic Growth
+11%
The company operated primarily as a Midwest-focused regional bank, emphasizing its 'Fair Play' consumer banking philosophy to drive organic growth in core customer relationships while steadily building out its commercial and fee-based businesses.
2025-2026 · Transformational M&A and Geographic Expansion
+3%
Huntington executed a strategy of rapid expansion through the acquisitions of Veritex and Cadence Bank. These moves dramatically increased the bank's asset size and provided a significant, immediate presence in high-growth markets, particularly Texas and the South, which management describes as a 'springboard' for future growth.
Market Appears To Be Skeptical Of Core Thesis
Price structure is damaged. The price has broken key levels and the trend is no longer supportive. Relative to SPY: Significantly underperforming and deteriorating. Potential evidence of capital being actively rotating away. Volume and momentum are clearly negative. OBV (on-balance volume) and volume character point to institutional exit. Earnings history is clearly negative. The market punished the print and the drift confirms distribution. Thesis is under pressure.
① Structure
-2
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
-2
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-2
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-6 / 12
1 Price Structure & Trend Broken In Short Term · Golden Cross
2 Momentum Mixed
3 Relative Strength vs. SPY Strong Underperformance
4 Institutional Footprint & Volume Mild Distribution
5 Volatility Normal
6 Key Price Levels Range · Vol Rising
7 Earnings Reaction History Inconsistent
8 How the Verdict Is Derived Three Pillars
Core Cache Last Updated: 9/17/2026