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): $15.87Market Cap: $32.1 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal 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 growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% Attractive cash flow generationCFO/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 volatilityVol 12M is 27% Uninsured deposits are lowUninsured 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 driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more. | Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -4.8% Moderate capital ratioTier 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 risksHBAN key risks include [1] an increase in criticized loans, Show more. |
| Attractive yieldTotal 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 growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive cash flow generationCFO/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 volatilityVol 12M is 27% |
| Uninsured deposits are lowUninsured 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 driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -4.8% |
| Moderate capital ratioTier 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 risksHBAN key risks include [1] an increase in criticized loans, Show more. |
Qualitative Assessment
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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.
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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, $80 billion Community Plan to support affordable housing, small businesses, and community development, allocating significant capital to these areas. The successful completion of the Cadence systems integration in June 2026 was also highlighted as a key operational milestone, expected to deliver full economic benefits by fiscal Q4 2026. These actions provided a degree of stability and long-term positive outlook despite short-term challenges.
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Stock Movement Drivers
Fundamental Drivers
The -1.1% change in HBAN stock from 5/31/2026 to 9/17/2026 was primarily driven by a -7.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9172026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.05 | 15.88 | -1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,784 | 9,683 | 10.2% |
| Net Income Margin (%) | 25.1% | 24.8% | -1.4% |
| P/E Multiple | 13.6 | 13.4 | -1.6% |
| Shares Outstanding (Mil) | 1,869 | 2,021 | -7.5% |
| Cumulative Contribution | -1.1% |
Market Drivers
5/31/2026 to 9/17/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282026 | 9172026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.32 | 15.88 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,131 | 9,683 | 19.1% |
| Net Income Margin (%) | 27.2% | 24.8% | -8.9% |
| P/E Multiple | 11.4 | 13.4 | 17.4% |
| Shares Outstanding (Mil) | 1,545 | 2,021 | -23.6% |
| Cumulative Contribution | -2.7% |
Market Drivers
2/28/2026 to 9/17/2026| Return | Correlation | |
|---|---|---|
| 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) | 8312025 | 9172026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.00 | 15.88 | -6.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,678 | 9,683 | 26.1% |
| Net Income Margin (%) | 27.5% | 24.8% | -9.9% |
| P/E Multiple | 11.7 | 13.4 | 14.0% |
| Shares Outstanding (Mil) | 1,457 | 2,021 | -27.9% |
| Cumulative Contribution | -6.6% |
Market Drivers
8/31/2025 to 9/17/2026| Return | Correlation | |
|---|---|---|
| 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) | 8312023 | 9172026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.66 | 15.88 | 64.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,625 | 9,683 | 27.0% |
| Net Income Margin (%) | 31.5% | 24.8% | -21.3% |
| P/E Multiple | 5.8 | 13.4 | 129.8% |
| Shares Outstanding (Mil) | 1,446 | 2,021 | -28.4% |
| Cumulative Contribution | 64.3% |
Market Drivers
8/31/2023 to 9/17/2026| Return | Correlation | |
|---|---|---|
| HBAN | 64.3% | |
| Market (SPY) | 75.3% | 56.5% |
| Sector (XLF) | 69.8% | 76.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HBAN Return | 27% | -4% | -5% | 34% | 11% | -7% | 59% |
| Peers Return | 42% | -20% | -4% | 29% | 22% | 10% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| HBAN Win Rate | 67% | 50% | 50% | 67% | 50% | 33% | |
| Peers Win Rate | 70% | 48% | 45% | 60% | 60% | 42% | |
| S&P 500 Win Rate | 75% | 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
| Event | HBAN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.0% | -18.8% |
| % Gain to Breakeven | 33.3% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.0% | -9.5% |
| % Gain to Breakeven | 25.0% | 10.5% |
| Time to Breakeven | 41 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.8% | -6.7% |
| % Gain to Breakeven | 63.4% | 7.1% |
| Time to Breakeven | 432 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.4% | -24.5% |
| % Gain to Breakeven | 30.5% | 32.4% |
| Time to Breakeven | 138 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.4% | -33.7% |
| % Gain to Breakeven | 101.8% | 50.9% |
| Time to Breakeven | 278 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.2% | -19.2% |
| % Gain to Breakeven | 33.7% | 23.8% |
| Time to Breakeven | 315 days | 105 days |
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
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Asset Allocation
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| Event | HBAN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.0% | -18.8% |
| % Gain to Breakeven | 33.3% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.8% | -6.7% |
| % Gain to Breakeven | 63.4% | 7.1% |
| Time to Breakeven | 432 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.4% | -24.5% |
| % Gain to Breakeven | 30.5% | 32.4% |
| Time to Breakeven | 138 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.4% | -33.7% |
| % Gain to Breakeven | 101.8% | 50.9% |
| Time to Breakeven | 278 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.2% | -19.2% |
| % Gain to Breakeven | 33.7% | 23.8% |
| Time to Breakeven | 315 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.3% | -12.2% |
| % Gain to Breakeven | 45.6% | 13.9% |
| Time to Breakeven | 273 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.2% | -17.9% |
| % Gain to Breakeven | 35.5% | 21.8% |
| Time to Breakeven | 170 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.3% | -15.4% |
| % Gain to Breakeven | 28.7% | 18.2% |
| Time to Breakeven | 157 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.7% | -53.4% |
| % Gain to Breakeven | 1265.9% | 114.4% |
| Time to Breakeven | 2810 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.5% | -8.6% |
| % Gain to Breakeven | 29.0% | 9.5% |
| Time to Breakeven | 3813 days | 47 days |
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.
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- 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.
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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.
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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:
- 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.
- 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.
- 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.
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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.
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Here are the key risks to Huntington Bancshares (HBAN):
- 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.
- 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.
- 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.
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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.
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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.
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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.
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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
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.86 |
| Mkt Cap | 40.3 |
| Rev LTM | 10,086 |
| Op Inc LTM | - |
| FCF LTM | 2,790 |
| FCF 3Y Avg | 2,862 |
| CFO LTM | 3,364 |
| CFO 3Y Avg | 3,266 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.5% |
| Rev Chg 3Y Avg | 7.6% |
| Rev Chg Q | 12.8% |
| QoQ Delta Rev Chg LTM | 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 LTM | 29.6% |
| CFO/Rev 3Y Avg | 30.0% |
| FCF/Rev LTM | 27.7% |
| FCF/Rev 3Y Avg | 28.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer & Regional Banking | 5,551 | 5,371 | 4,974 | 4,485 | 4,392 |
| Commercial Banking | 2,911 | 2,839 | 2,808 | 2,474 | 2,002 |
| Treasury / Other | -296 | -825 | -422 | 295 | -403 |
| Total | 8,166 | 7,385 | 7,360 | 7,254 | 5,991 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Retail and Business Banking | 398 | 235 | 104 | 137 | 270 |
| Commercial Banking | 290 | 265 | |||
| Automobile Finance and Commercial Real Estate | 254 | 302 | 312 | 310 | 286 |
| Regional Banking and The Huntington Private Client Group | 14 | 34 | |||
| Home Lending | -7 | -30 | |||
| Treasury Other | -36 | 48 | 157 | 36 | -58 |
| Regional and Commercial Banking | 181 | 199 | 169 | ||
| Wealth Advisors, Government Finance, and Home Lending | 100 | 144 | 40 | ||
| Total | 914 | 853 | 855 | 825 | 707 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer & Regional Banking | 1,462 | 1,512 | 1,315 | 1,027 | 1,337 |
| Commercial Banking | 1,125 | 1,153 | 1,179 | 1,087 | 939 |
| Treasury / Other | -376 | -725 | -543 | 124 | -981 |
| Total | 2,211 | 1,940 | 1,951 | 2,238 | 1,295 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer & Regional Banking | 87,307 | 78,841 | 73,082 | 38,561 | 39,929 |
| Commercial Banking | 79,798 | 66,919 | 63,377 | 63,812 | 57,071 |
| Treasury / Other | 58,001 | 58,470 | 52,909 | 49,027 | 47,987 |
| Regional Banking and The Huntington Private Client Group | 10,045 | 8,325 | |||
| Vehicle Finance | 21,461 | 20,752 | |||
| Total | 225,106 | 204,230 | 189,368 | 182,906 | 174,064 |
Price Behavior
| Market Price | $15.88 | |
| Market Cap ($ Bil) | 32.1 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -15.2% | |
| 50 Days | 200 Days | |
| DMA Price | $17.14 | $16.68 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -7.3% | -4.8% |
| 3M | 1YR | |
| Volatility | 24.9% | 27.0% |
| Downside Capture | 104.62 | 87.71 |
| Upside Capture | 66.34 | 64.66 |
| Correlation (SPY) | 38.8% | 38.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.69 | 1.07 | 0.52 | 0.76 | 0.77 | 1.06 |
| Up Beta | 1.25 | 1.14 | 0.40 | 0.93 | 1.02 | 1.15 |
| Down Beta | 1.73 | 2.05 | 0.69 | 0.59 | 0.77 | 1.19 |
| Up Capture | 5% | 38% | 52% | 61% | 48% | 82% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 38 | 69 | 135 | 383 |
| Down Capture | 66% | 131% | 46% | 86% | 84% | 98% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 26 | 58 | 112 | 351 |
[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% | 0.15 | 67.6% |
| Equity (SPY) | 16.6% | 12.9% | 0.92 | 38.4% |
| Gold (GLD) | 17.4% | 29.3% | 0.55 | 8.4% |
| Commodities (DBC) | 45.8% | 20.7% | 1.72 | -17.7% |
| Real Estate (VNQ) | 5.7% | 13.5% | 0.16 | 42.7% |
| Bitcoin (BTCUSD) | -34.9% | 43.9% | -0.85 | 11.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBAN | |
|---|---|---|---|---|
| HBAN | 5.5% | 31.2% | 0.21 | - |
| Sector ETF (XLF) | 9.9% | 18.4% | 0.40 | 78.6% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 58.2% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | -1.2% |
| Commodities (DBC) | 11.7% | 19.6% | 0.47 | 10.0% |
| Real Estate (VNQ) | 1.0% | 18.8% | -0.05 | 49.0% |
| Bitcoin (BTCUSD) | 10.4% | 52.5% | 0.38 | 19.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBAN | |
|---|---|---|---|---|
| HBAN | 9.4% | 34.2% | 0.35 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 82.6% |
| Equity (SPY) | 15.1% | 18.0% | 0.71 | 60.3% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | -7.9% |
| Commodities (DBC) | 8.5% | 18.1% | 0.39 | 20.5% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 50.4% |
| Bitcoin (BTCUSD) | 62.0% | 66.1% | 1.02 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -4.8% | -7.8% | -6.9% |
| 4/23/2026 | 0.1% | -3.0% | -5.8% |
| 1/22/2026 | -6.0% | -9.1% | -4.0% |
| 10/20/2025 | 2.2% | 3.7% | -1.3% |
| 7/18/2025 | -1.6% | -2.0% | -2.4% |
| 4/17/2025 | 3.0% | 9.6% | 21.9% |
| 1/17/2025 | 1.0% | 2.1% | 0.3% |
| 10/17/2024 | -2.6% | -1.9% | 10.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 2.9% | 2.9% | 10.3% |
| Median Negative | -3.2% | -5.2% | -5.0% |
| Max Positive | 9.5% | 12.9% | 23.3% |
| Max Negative | -9.0% | -9.7% | -13.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -4.8% | -7.8% | -6.9% |
| 4/23/2026 | 0.1% | -3.0% | -5.8% |
| 1/22/2026 | -6.0% | -9.1% | -4.0% |
| 10/20/2025 | 2.2% | 3.7% | -1.3% |
| 7/18/2025 | -1.6% | -2.0% | -2.4% |
| 4/17/2025 | 3.0% | 9.6% | 21.9% |
| 1/17/2025 | 1.0% | 2.1% | 0.3% |
| 10/17/2024 | -2.6% | -1.9% | 10.7% |
| 7/19/2024 | 3.9% | 5.3% | -2.8% |
| 1/19/2024 | 3.9% | 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% |
| 1/20/2023 | 0.6% | 6.4% | 9.8% |
| 10/21/2022 | 9.5% | 12.9% | 12.8% |
| 7/21/2022 | 2.9% | 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% |
| 7/29/2021 | 2.6% | 1.9% | 10.1% |
| 4/22/2021 | -6.7% | -1.3% | 0.1% |
| 1/22/2021 | -4.6% | -6.5% | 7.3% |
| 10/22/2020 | 7.1% | 1.4% | 23.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 12 | 11 | 11 |
| Median Positive | 2.9% | 2.9% | 10.3% |
| Median Negative | -3.2% | -5.2% | -5.0% |
| Max Positive | 9.5% | 12.9% | 23.3% |
| Max Negative | -9.0% | -9.7% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Insider Activity
Updated 9/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 8042026 | 17.20 | 27,971 | 481,102 | 1,204,436 | Form |
| 2 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 6262026 | 18.00 | 10,568 | 190,224 | 4,821,465 | Form |
| 3 | Rollins, James D Iii | Direct | Sell | 6162026 | 17.35 | 223,522 | 3,878,107 | 10,620,889 | Form | |
| 4 | Rollins, James D Iii | LLC | Buy | 6042026 | 20.30 | 4,798 | 97,399 | 203,000 | Form | |
| 5 | Rollins, James D Iii | LLC | Buy | 6042026 | 16.46 | 873 | 14,370 | 197,520 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 8042026 | 17.20 | 27,971 | 481,102 | 1,204,436 | Form |
| 2 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 6262026 | 18.00 | 10,568 | 190,224 | 4,821,465 | Form |
| 3 | Rollins, James D Iii | Direct | Sell | 6162026 | 17.35 | 223,522 | 3,878,107 | 10,620,889 | Form | |
| 4 | Rollins, James D Iii | LLC | Buy | 6042026 | 20.30 | 4,798 | 97,399 | 203,000 | Form | |
| 5 | Rollins, James D Iii | LLC | Buy | 6042026 | 16.46 | 873 | 14,370 | 197,520 | Form | |
| 6 | Rollins, James D Iii | LLC | Buy | 6042026 | 20.35 | 5,202 | 105,861 | 105,861 | Form | |
| 7 | Rollins, James D Iii | LLC | Buy | 6042026 | 16.50 | 11,127 | 183,596 | 183,596 | Form | |
| 8 | Kleinman, Scott D | Senior Exec. V.P. | Direct | Sell | 6032026 | 16.20 | 19,425 | 314,685 | 7,522,246 | Form |
| 9 | Rollins, James D Iii | Direct | Buy | 4292026 | 21.05 | 3,029 | 63,760 | 199,975 | Form | |
| 10 | Rollins, James D Iii | Direct | Buy | 4292026 | 17.09 | 6,500 | 111,085 | 196,535 | Form | |
| 11 | Rollins, James D Iii | Direct | Buy | 4292026 | 21.05 | 1,971 | 41,490 | 136,215 | Form | |
| 12 | Steinour, Stephen D | President, CEO & Chairman | Direct | Buy | 3162026 | 15.49 | 32,277 | 499,971 | 22,349,662 | Form |
| 13 | Nateri, Prashant | Chief Corp Operations Officer | Direct | Sell | 3162026 | 15.50 | 10,171 | 157,648 | 1,299,192 | Form |
| 14 | Kleinman, Scott D | Senior Exec. V.P. | Direct | Sell | 3162026 | 15.28 | 65,530 | 1,001,298 | 7,360,003 | Form |
| 15 | Rollins, James D Iii | Direct | Buy | 3092026 | 25.39 | 1,127 | 28,614 | 101,559 | Form | |
| 16 | Rollins, James D Iii | Direct | Buy | 3092026 | 17.65 | 85 | 1,500 | 88,250 | Form | |
| 17 | Rollins, James D Iii | Direct | Buy | 3032026 | 21.40 | 500 | 10,700 | 96,300 | Form | |
| 18 | Rollins, James D Iii | Direct | Buy | 3032026 | 21.75 | 4,000 | 87,000 | 87,000 | Form | |
| 19 | Rollins, James D Iii | Direct | Buy | 3032026 | 25.38 | 2,873 | 72,917 | 72,917 | Form | |
| 20 | Torgow, Gary | Direct | Buy | 2232026 | 17.81 | 14,200 | 252,902 | 16,800,902 | Form | |
| 21 | Lawlor, Brendan A | Executive VP and CCO | Direct | Sell | 2122026 | 18.93 | 17,455 | 330,426 | 802,593 | Form |
| 22 | Standridge, Brantley J | Senior Exec. V.P. | Direct | Sell | 2062026 | 19.14 | 5,830 | 111,557 | 6,270,087 | Form |
| 23 | Dhingra, Amit | Chief Enterprise Pmts Officer | Direct | Sell | 1092026 | 18.50 | 10,000 | 185,000 | 2,879,228 | Form |
| 24 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 12152025 | 17.80 | 2,481 | 44,174 | 1,274,230 | Form |
| 25 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 12152025 | 18.00 | 12,832 | 230,976 | 4,310,521 | Form |
| 26 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 12152025 | 17.93 | 1,547 | 27,745 | 2,074,054 | Form |
| 27 | Houston, Helga | Senior Exec. V. P. | Direct | Sell | 11242025 | 15.38 | 64,587 | 993,348 | 8,222,767 | Form |
| 28 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 11172025 | 15.65 | 6,416 | 100,410 | 3,948,579 | Form |
| 29 | Inglis, John C | Direct | Buy | 11052025 | 15.30 | 6,506 | 99,542 | 1,374,418 | Form | |
| 30 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 9092025 | 18.00 | 41,100 | 739,800 | 5,388,506 | Form |
Investor Activity (13F)
Updated Sep 18, 2026Active 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 Manager |
|---|
HBAN Trade Sentinel
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.
INVESTMENT THESIS
Evidence suggests Huntington is successfully executing a complex integration that positions it for higher long-term returns, despite current headwinds.
- 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
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.
- 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.
| KPI | Status | Rationale |
|---|---|---|
| Average Loan Growth | 8.6% sequential growth in Q2 2026, which includes 1.2% organic growth. - Decelerating | Headline 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 Growth | 9.2% sequential growth in Q2 2026, which includes 1.8% organic growth. - Decelerating | Similar 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) Growth | Consumer 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 Ratio | 61.5% (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. |
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
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.
| 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. |
| 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 |
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 IncumbentPNC 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.
KEY - a business partner
Peer Regional Banka business partner provides an alternative investment in a similarly sized regional bank, allowing for diversification away from Huntington's specific M&A integration risk.
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.
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.
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.
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.
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'.
Competition
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.
Competition
Huntington Bancshares — Investor Video Playlist





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