Huntington Bancshares (HBAN)
Market Price (11/3/2026): $16.02 | Market Cap: $32.3 BilSector: Financials | Industry: Regional Banks
Huntington Bancshares (HBAN)
Market Price (11/3/2026): $16.02Market Cap: $32.3 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 3.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 9.0% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% 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 3.3 Bil, FCF LTM is 2.9 Bil Low stock price volatilityVol 12M is 26% 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 -20% 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 3.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.8%, FCF Yield is 9.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| 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 3.3 Bil, FCF LTM is 2.9 Bil |
| Low stock price volatilityVol 12M is 26% |
| 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 -20% |
| 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 lost about 5% since 7/31/2026 because of the following key factors:
1. Weaker-than-expected fiscal Q3 2026 Financial Performance.
Huntington Bancshares reported diluted earnings per common share (EPS) of $0.33 for fiscal Q3 2026, marking a 20% decrease from $0.41 in fiscal Q3 2025, despite adjusted EPS meeting consensus estimates. Additionally, the company's revenue of $2.79 billion fell short of the $2.82 billion consensus estimate by $27.21 million. This was partly driven by an 8% sequential decline in noninterest income, which decreased to $722 million in fiscal Q3 2026 from $785 million in fiscal Q2 2026, primarily due to lower capital markets fees and unfavorable equity valuation adjustments.
2. Conservative Outlook and Lowered Guidance.
Management repeatedly lowered its fiscal year 2026 net interest income guidance and revised fiscal year 2026 and 2027 EPS expectations, signaling persistent margin pressure, increased deposit pricing competition, and a slowdown in loan growth. Specifically, the revised fiscal year 2026 guidance projects approximately 35% net interest income growth, ~36% average loan growth, and ~33% deposit growth compared to fiscal year 2025 baselines, with noninterest income growth around 31%. While the fiscal year 2027 EPS outlook was reaffirmed at $1.75-$1.83, these adjustments reflected a more challenging operating environment.
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Huntington Bancshares (HBAN) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Weaker-than-expected fiscal Q3 2026 Financial Performance.
Huntington Bancshares reported diluted earnings per common share (EPS) of $0.33 for fiscal Q3 2026, marking a 20% decrease from $0.41 in fiscal Q3 2025, despite adjusted EPS meeting consensus estimates. Additionally, the company's revenue of $2.79 billion fell short of the $2.82 billion consensus estimate by $27.21 million. This was partly driven by an 8% sequential decline in noninterest income, which decreased to $722 million in fiscal Q3 2026 from $785 million in fiscal Q2 2026, primarily due to lower capital markets fees and unfavorable equity valuation adjustments.
2. Conservative Outlook and Lowered Guidance.
Management repeatedly lowered its fiscal year 2026 net interest income guidance and revised fiscal year 2026 and 2027 EPS expectations, signaling persistent margin pressure, increased deposit pricing competition, and a slowdown in loan growth. Specifically, the revised fiscal year 2026 guidance projects approximately 35% net interest income growth, ~36% average loan growth, and ~33% deposit growth compared to fiscal year 2025 baselines, with noninterest income growth around 31%. While the fiscal year 2027 EPS outlook was reaffirmed at $1.75-$1.83, these adjustments reflected a more challenging operating environment.
3. Increase in Credit Quality Concerns.
The bank experienced an increase in net charge-offs (NCOs) in fiscal Q3 2026, rising to $146 million, or 0.31% of average loans and leases, compared to $75 million, or 0.22%, in fiscal Q3 2025. This represented a 6 basis point increase quarter-over-quarter, attributed to one idiosyncratic commercial credit. Furthermore, the non-performing asset (NPA) ratio increased to 90 basis points from 85 basis points in the prior quarter, raising investor caution regarding asset quality.
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Stock Movement Drivers
Fundamental Drivers
The -5.1% change in HBAN stock from 7/31/2026 to 11/2/2026 was primarily driven by a -8.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.87 | 16.01 | -5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,683 | 10,340 | 6.8% |
| Net Income Margin (%) | 24.8% | 24.1% | -2.8% |
| P/E Multiple | 14.2 | 13.0 | -8.7% |
| Shares Outstanding (Mil) | 2,021 | 2,019 | 0.1% |
| Cumulative Contribution | -5.1% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| HBAN | -5.1% | |
| Market (SPY) | 0.7% | 43.4% |
| Sector (XLF) | 1.1% | 65.1% |
Fundamental Drivers
The -2.7% change in HBAN stock from 4/30/2026 to 11/2/2026 was primarily driven by a -7.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.45 | 16.01 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,784 | 10,340 | 17.7% |
| Net Income Margin (%) | 25.1% | 24.1% | -4.2% |
| P/E Multiple | 13.9 | 13.0 | -6.8% |
| Shares Outstanding (Mil) | 1,869 | 2,019 | -7.4% |
| Cumulative Contribution | -2.7% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| HBAN | -2.7% | |
| Market (SPY) | 4.9% | 35.1% |
| Sector (XLF) | 10.8% | 62.9% |
Fundamental Drivers
The 7.7% change in HBAN stock from 10/31/2025 to 11/2/2026 was primarily driven by a 33.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.87 | 16.01 | 7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,938 | 10,340 | 30.3% |
| Net Income Margin (%) | 28.0% | 24.1% | -14.0% |
| P/E Multiple | 9.8 | 13.0 | 33.0% |
| Shares Outstanding (Mil) | 1,459 | 2,019 | -27.7% |
| Cumulative Contribution | 7.7% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| HBAN | 7.7% | |
| Market (SPY) | 11.2% | 39.4% |
| Sector (XLF) | 11.3% | 65.7% |
Fundamental Drivers
The 87.7% change in HBAN stock from 10/31/2023 to 11/2/2026 was primarily driven by a 147.3% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.53 | 16.01 | 87.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,600 | 10,340 | 36.1% |
| Net Income Margin (%) | 31.0% | 24.1% | -22.2% |
| P/E Multiple | 5.2 | 13.0 | 147.3% |
| Shares Outstanding (Mil) | 1,448 | 2,019 | -28.3% |
| Cumulative Contribution | 87.7% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| HBAN | 87.7% | |
| Market (SPY) | 86.0% | 56.6% |
| Sector (XLF) | 85.7% | 76.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HBAN Return | 27% | -4% | -5% | 34% | 11% | -5% | 63% |
| Peers Return | 42% | -20% | -4% | 29% | 22% | 12% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| HBAN Win Rate | 67% | 50% | 50% | 67% | 50% | 45% | |
| Peers Win Rate | 70% | 48% | 45% | 60% | 60% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
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 11/2/2026 (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
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| HBAN | Huntington Bancshares | 11.7% | 13.0x | 7.7% | 70.5% | 26.3% | — |
| WTFC | Wintrust Financial | 9.5% | 11.8x | 22.8% | 102.9% | 86.5% | +60pp |
| FULT | Fulton Financial | 8.0% | 11.6x | 43.7% | 91.0% | 80.0% | +54pp |
| MBIN | Merchants Bancorp | 14.6% | 9.0x | 70.5% | 73.8% | 79.0% | +53pp |
| ONB | Old National Bancorp | 14.4% | 10.2x | 29.2% | 91.7% | 71.4% | +45pp |
| NBTB | NBT Bancorp | 13.3% | 13.0x | 36.6% | 64.2% | 69.7% | +43pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 37.5% | 74.0% | 118.3% | SPNT 170% · RGA 148% · RNR 138% |
| Investment Banking & Brokerage | 13 | -1.9% | 90.1% | 92.3% | IBKR 314% · SNEX 159% · HOOD 140% |
| Diversified Banks | 12 | 32.8% | 141.8% | 91.6% | CM 142% · RY 130% · JPM 126% |
| Life & Health Insurance | 20 | 17.2% | 52.4% | 78.2% | JXN 536% · UNM 303% · FG 188% |
| Property & Casualty Insurance | 42 | 21.7% | 72.7% | 65.0% | PGR 176% · TRV 176% · ACGL 166% |
| Multi-line Insurance | 9 | 10.2% | 68.9% | 63.6% | AIZ 100% · GNW 98% · L 97% |
| Multi-Sector Holdings | 3 | 9.8% | 52.4% | 57.5% | BRK-B 93% · VOYA 57% · JEF 35% |
| Regional Banks ← | 262 | 34.5% | 91.3% | 53.5% | CBC 263% · FCNCA 189% · NIC 146% |
| Financial Exchanges & Data | 15 | 19.8% | 33.8% | 32.6% | CBOE 176% · VIRT 144% · CME 71% |
| Insurance Brokers | 15 | 5.3% | 11.6% | 26.0% | LIFE 387% · ARX 89% · AJG 80% |
| Asset Management & Custody Banks | 85 | -6.1% | 21.7% | 8.8% | VCTR 257% · WT 230% · AAMI 191% |
| Consumer Finance | 30 | 5.9% | 72.9% | 5.4% | ENVA 397% · FCFS 137% · AXP 101% |
| Diversified Financial Services | 4 | -5.1% | 18.6% | 3.3% | FRHC 171% · EQH 80% |
| Commercial & Residential Mortgage Finance | 14 | -48.7% | 20.2% | -0.2% | FNMA 448% · FMCC 399% · ACT 167% |
| Specialized Finance | 3 | 8.4% | 31.0% | -20.6% | HASI -21% · CACC -28% |
| Transaction & Payment Processing Services | 17 | 15.8% | 17.6% | -22.2% | V 111% · MA 106% · CPAY 69% |
| Mortgage REITs | 35 | -19.0% | -7.6% | -35.2% | RITM 35% · DX 18% · AGNC 11% |
| Diversified Capital Markets | 20 | -58.1% | 2.5% | -68.4% | LPLA 80% · TW 39% · WULF -60% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 52.61 |
| Mkt Cap | 41.3 |
| Rev LTM | 10,416 |
| Op Inc LTM | - |
| FCF LTM | 2,908 |
| FCF 3Y Avg | 2,814 |
| CFO LTM | 3,506 |
| CFO 3Y Avg | 3,229 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.5% |
| Rev Chg 3Y Avg | 7.3% |
| Rev Chg Q | 11.6% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 30.9% |
| CFO/Rev 3Y Avg | 28.0% |
| FCF/Rev LTM | 27.9% |
| FCF/Rev 3Y Avg | 26.5% |
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 | $16.01 | |
| Market Cap ($ Bil) | 32.3 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -14.5% | |
| 50 Days | 200 Days | |
| DMA Price | $15.88 | $16.43 |
| DMA Trend | down | down |
| Distance from DMA | 0.8% | -2.6% |
| 3M | 1YR | |
| Volatility | 21.0% | 25.6% |
| Downside Capture | 107.51 | 84.43 |
| Upside Capture | 70.19 | 84.01 |
| Correlation (S&P 500) | 39.5% | 39.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.46 | 0.99 | 0.89 | 0.70 | 0.80 | 1.06 |
| Up Beta | -0.87 | 0.25 | 0.84 | 0.48 | 0.87 | 1.14 |
| Down Beta | 0.73 | 0.39 | 0.65 | 0.50 | 0.49 | 1.18 |
| Up Capture | 75% | 120% | 77% | 71% | 81% | 87% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 16 | 29 | 64 | 132 | 383 |
| Down Capture | 17% | 137% | 121% | 96% | 93% | 98% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 25 | 33 | 60 | 115 | 350 |
[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 | 8.6% | 25.6% | 0.27 | - |
| Sector ETF (XLF) | 11.6% | 14.6% | 0.52 | 65.8% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 39.5% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 14.1% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -21.8% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 42.3% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 9.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBAN | |
|---|---|---|---|---|
| HBAN | 3.7% | 31.1% | 0.15 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 78.3% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 57.9% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | -0.1% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 8.6% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 49.5% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 19.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBAN | |
|---|---|---|---|---|
| HBAN | 9.2% | 34.2% | 0.34 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 82.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 60.2% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | -7.4% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 20.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 50.8% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 12.8% |
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Returns Analyses
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | -0.4% | -0.1% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 13 | 12 | 11 |
| Median Positive | 2.8% | 3.7% | 10.1% |
| Median Negative | -2.6% | -4.2% | -5.0% |
| Max Positive | 9.5% | 12.9% | 21.9% |
| Max Negative | -9.0% | -9.7% | -13.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | -0.4% | -0.1% | |
| 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% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 13 | 12 | 11 |
| Median Positive | 2.8% | 3.7% | 10.1% |
| Median Negative | -2.6% | -4.2% | -5.0% |
| Max Positive | 9.5% | 12.9% | 21.9% |
| Max Negative | -9.0% | -9.7% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 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 |
Insider Activity
Updated 10/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Torgow, Gary | Direct | Buy | 10292026 | 15.73 | 12,700 | 199,834 | 15,043,304 | Form | |
| 2 | Rollins, James D Iii | Direct | Buy | 10282026 | 14.86 | 4,000 | 59,420 | 230,252 | Form | |
| 3 | Rollins, James D Iii | Direct | Buy | 10282026 | 19.43 | 10,000 | 194,300 | 194,300 | Form | |
| 4 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 8042026 | 17.20 | 27,971 | 481,102 | 1,204,436 | Form |
| 5 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 6262026 | 18.00 | 10,568 | 190,224 | 4,821,465 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Torgow, Gary | Direct | Buy | 10292026 | 15.73 | 12,700 | 199,834 | 15,043,304 | Form | |
| 2 | Rollins, James D Iii | Direct | Buy | 10282026 | 14.86 | 4,000 | 59,420 | 230,252 | Form | |
| 3 | Rollins, James D Iii | Direct | Buy | 10282026 | 19.43 | 10,000 | 194,300 | 194,300 | Form | |
| 4 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 8042026 | 17.20 | 27,971 | 481,102 | 1,204,436 | Form |
| 5 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 6262026 | 18.00 | 10,568 | 190,224 | 4,821,465 | Form |
| 6 | Rollins, James D Iii | Direct | Sell | 6162026 | 17.35 | 223,522 | 3,878,107 | 10,620,889 | Form | |
| 7 | Rollins, James D Iii | LLC | Buy | 6042026 | 20.30 | 4,798 | 97,399 | 203,000 | Form | |
| 8 | Rollins, James D Iii | LLC | Buy | 6042026 | 16.46 | 873 | 14,370 | 197,520 | Form | |
| 9 | Rollins, James D Iii | LLC | Buy | 6042026 | 20.35 | 5,202 | 105,861 | 105,861 | Form | |
| 10 | Rollins, James D Iii | LLC | Buy | 6042026 | 16.50 | 11,127 | 183,596 | 183,596 | Form | |
| 11 | Kleinman, Scott D | Senior Exec. V.P. | Direct | Sell | 6032026 | 16.20 | 19,425 | 314,685 | 7,522,246 | Form |
| 12 | Rollins, James D Iii | Direct | Buy | 4292026 | 21.05 | 3,029 | 63,760 | 199,975 | Form | |
| 13 | Rollins, James D Iii | Direct | Buy | 4292026 | 17.09 | 6,500 | 111,085 | 196,535 | Form | |
| 14 | Rollins, James D Iii | Direct | Buy | 4292026 | 21.05 | 1,971 | 41,490 | 136,215 | Form | |
| 15 | Steinour, Stephen D | President, CEO & Chairman | Direct | Buy | 3162026 | 15.49 | 32,277 | 499,971 | 22,349,662 | Form |
| 16 | Nateri, Prashant | Chief Corp Operations Officer | Direct | Sell | 3162026 | 15.50 | 10,171 | 157,648 | 1,299,192 | Form |
| 17 | Kleinman, Scott D | Senior Exec. V.P. | Direct | Sell | 3162026 | 15.28 | 65,530 | 1,001,298 | 7,360,003 | Form |
| 18 | Rollins, James D Iii | Direct | Buy | 3092026 | 25.39 | 1,127 | 28,614 | 101,559 | Form | |
| 19 | Rollins, James D Iii | Direct | Buy | 3092026 | 17.65 | 85 | 1,500 | 88,250 | Form | |
| 20 | Rollins, James D Iii | Direct | Buy | 3032026 | 21.40 | 500 | 10,700 | 96,300 | Form | |
| 21 | Rollins, James D Iii | Direct | Buy | 3032026 | 21.75 | 4,000 | 87,000 | 87,000 | Form | |
| 22 | Rollins, James D Iii | Direct | Buy | 3032026 | 25.38 | 2,873 | 72,917 | 72,917 | Form | |
| 23 | Torgow, Gary | Direct | Buy | 2232026 | 17.81 | 14,200 | 252,902 | 16,800,902 | Form | |
| 24 | Lawlor, Brendan A | Executive VP and CCO | Direct | Sell | 2122026 | 18.93 | 17,455 | 330,426 | 802,593 | Form |
| 25 | Standridge, Brantley J | Senior Exec. V.P. | Direct | Sell | 2062026 | 19.14 | 5,830 | 111,557 | 6,270,087 | Form |
| 26 | Dhingra, Amit | Chief Enterprise Pmts Officer | Direct | Sell | 1092026 | 18.50 | 10,000 | 185,000 | 2,879,228 | Form |
| 27 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 12152025 | 17.80 | 2,481 | 44,174 | 1,274,230 | Form |
| 28 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 12152025 | 18.00 | 12,832 | 230,976 | 4,310,521 | Form |
| 29 | Kowalski, Kendall A | Chief Information Officer | Direct | Sell | 12152025 | 17.93 | 1,547 | 27,745 | 2,074,054 | Form |
| 30 | Houston, Helga | Senior Exec. V. P. | Direct | Sell | 11242025 | 15.38 | 64,587 | 993,348 | 8,222,767 | Form |
| 31 | Hingst, Marcy C | SEVP and General Counsel | Direct | Sell | 11172025 | 15.65 | 6,416 | 100,410 | 3,948,579 | Form |
| 32 | Inglis, John C | Direct | Buy | 11052025 | 15.30 | 6,506 | 99,542 | 1,374,418 | Form |
Investor Activity (13F)
Updated Nov 3, 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
Huntington is executing a major strategic pivot into higher-growth markets. While this transition creates near-term uncertainty, management has a strong record of delivering on its commitments, including credit quality and capital returns. The path to its 2027 earnings and return targets, supported by disciplined execution, appears credible despite competitive headwinds.
STOCK ARCHETYPE
Net Interest & Fee-Based Financial ServicesNet Interest Income = (Volume of Earning Assets x Yield) - (Volume of Interest-Bearing Liabilities x Cost) + Fee Income from Services The net interest margin (NIM) and the growth of capital-light, value-added fee businesses such as capital markets and wealth management.
INVESTMENT THESIS
Evidence suggests a disciplined execution of a strategic pivot is underway.
- Management is targeting a 17% to 18% ROTCE in 2027, up from 16.6% in Q3 2026.
- The company expects 2027 EPS to grow more than 20% from 2025 levels.
- Acquisitions provide a presence in 12 of the top 25 fastest growing MSAs in the country.
- The company is on track for about 6% organic loan growth for the full year 2026.
PRIMARY RISK
Larger rivals in new Southern markets are forcing a pullback in key lending areas as management avoids 'irrational' pricing, which could stall growth and jeopardize long-term targets.
- Management is scaling back where pricing has compressed to 'irrational' levels.
- The stock has returned -8.0% over the last three months, underperforming the S&P 500.
- Nonperforming assets increased 82% from year-end 2025 to September 30, 2026.
- The company faces new regulatory burdens as a Category III bank starting in Q4 2026.
| KPI | Status | Rationale |
|---|---|---|
| Loan Growth | 1.1% sequential growth in period-end loan balances in Q3 2026 - Decelerating | The deceleration in loan growth is a deliberate strategic choice. Management stated it has made "prudent decisions to protect credit performance and returns by scaling back in certain asset classes where risk adjusted pricing has compressed to levels we do not consider to be rational." Growth remains strong in core areas like Commercial and Industrial (C&I) lending. |
| Deposit Growth | 0.2% sequential growth in average deposits in Q3 2026 - Decelerating | The slowdown in deposit gathering aligns with the moderated pace of loan growth. Management's objective is to maintain a core-funded balance sheet, and it noted that on a period-end basis, deposit growth was "approximately equaling loan growth" in the latest quarter. |
| Adjusted Return on Tangible Common Equity (ROTCE) | 16.6% (Q3 2026) | Market rewards Management has a stated goal to increase ROTCE into the 17% to 18% range in 2027.. Measures the company's profitability relative to its tangible equity, indicating how efficiently it generates profits from its core capital base. |
| Consumer Primary Bank Relationships (PBRs) Growth | 4% year-over-year (Q3 2026) | Indicates the growth rate of core consumer customers, which is fundamental to the bank's strategy of driving stable, low-cost deposit growth and cross-selling opportunities. |
| Business Banking Primary Bank Relationships (PBRs) Growth | 5% year-over-year (Q3 2026) | Measures the growth of core business banking customers, a key driver for deposit growth, commercial lending, and fee income from services like treasury management. |
Strategic Repositioning vs. Competitive Stall-Out
BULL VIEW
Bulls see a disciplined pivot, sacrificing low-quality volume for profitability to hit long-term 17% to 18% ROTCE targets, evidenced by strong C&I lending.
CORE TENSION
Can strong execution and 4-5% primary relationship growth offset the drag from exiting loan categories where pricing is 'irrational,' which the market punished with -8.0% 3-month underperformance?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Management has a strong record of delivering on promises, including credit quality and capital returns, lending credibility to its strategic rationale.
BEAR VIEW
Bears see a forced retreat, with decelerating loan growth signaling an inability to compete against larger incumbents in crucial new expansion markets.
| Timeline | Event & Metric To Watch |
|---|---|
the fourth quarter of 2026 | New Regulatory Regime Watch: Huntington and its bank subsidiary will become subject to the standards applicable to Category III banking organizations. |
1/15/2027 | Competitive Pressure Intensifies Watch: Peer commentary on loan and deposit pricing, and market share shifts in key regions. |
1/18/2027 | Peer Earnings Report Watch: Peer PNC Financial Services (PNC) is scheduled to report earnings. |
1/19/2027 | Peer Earnings Report Watch: Peer Fifth Third Bancorp (FITB) is scheduled to report earnings. |
1/20/2027 | Earnings Guidance Miss Watch: Any miss on Q4 NIM, loan growth, or further negative revisions to 2027 targets. |
1/20/2027 | Worsening Credit Quality Watch: NPA and NCO ratios exceeding management's guidance range of 25-35 bps for full-year NCOs. |
No set date | Regulatory Transition Friction Watch: Any disclosures regarding new regulatory requirements, changes to capital return plans, or increased compliance-related expenses. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-22 | Third Quarter Earnings Reported Details: The company reported Q3 EPS of $0.33. Management confirmed a downward revision to its long-term guidance, citing a more competitive environment. The stock reaction was flat versus a down market. | +0.1% $15.72 -> $15.73 |
2026-09-08 | New President Appointed Details: Brant Standridge was appointed President of Huntington Bancshares and The Huntington National Bank, overseeing all revenue-generating businesses in a move reflecting a multi-year succession planning process. | -2.3% $16.86 -> $16.47 |
2026-07-23 | Second Quarter Earnings Reported Details: Q2 earnings were reported with EPS of $0.33. The successful systems conversion for the Cadence acquisition was a key highlight. The stock reacted negatively, falling -5.0% over two days. | -5.0% $18.09 -> $17.19 |
2026-06-02 | Ambitious 2027 Guidance Highlighted Details: Press reports highlighted an ambitious earnings target, projecting adjusted EPS to increase from $1.45 in 2025 to $1.90-$1.93 by 2027, representing over 30% cumulative growth. | +0.6% $15.53 -> $15.63 |
2026-04-26 | Strong First Quarter Results Details: The company reported strong Q1 2026 results, with adjusted EPS of $0.37 beating consensus and revenue up 34% year-over-year to $2.59 billion. | -1.8% $16.52 -> $16.22 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: HBAN trades at roughly 22% annualized realized (three-month) volatility versus about 11% for the S&P 500 (2.0x the market). 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 has significantly greater scale, with revenue 2.4 times that of Huntington, providing an advantage in serving the largest national corporate clients and a more efficient operating model.
TFC - Truist Financial
Similar-Strategy PeerTruist is also pursuing a strategy of combining regional relationship banking with national capabilities, but with a revenue base 2 times larger than Huntington's, offering a different risk profile on a similar theme.
A disciplined super-regional bank executing a 'flywheel' strategy, using recent acquisitions as a springboard into higher-growth Southern markets to accelerate its national commercial and fee-based businesses.
Huntington is in a period of strategic repositioning, leveraging its acquisitions of Veritex and Cadence to expand its footprint from the Midwest into Texas and the South. Management is focused on a 'flywheel of value creation': driving organic growth through a differentiated local-delivery model, which in turn funds reinvestment and strengthens its competitive advantage. The company is demonstrating capital discipline by pulling back from overpriced loan categories while investing in its national commercial bank and value-added fee businesses to achieve higher, more durable returns.
Sustained above-peer organic loan and deposit growth in new Southern markets, realization of guided cost and revenue synergies from acquisitions, and continued expansion of high-margin fee income from capital markets and wealth management.
A significant rise in credit losses that breaches the stated 'moderate-to-low' risk appetite, failure to achieve guided synergies from the Veritex and Cadence integrations, or an inability to gain market share and profitable relationships in the competitive Texas and Southern markets.
Quarterly stock price reactions to earnings reports and minor fluctuations in specific loan categories, as long as the overall organic growth trajectory and credit quality remain intact.
Repricing Catalyst
Successful execution toward the company's 2027 targets for EPS growth of over 20% from 2025 and an ROTCE of 17% to 18%, which would validate the strategic value of its recent large-scale acquisitions.
Consumer & Regional Banking
$6.6B TTM (68% of Total)What It Is
Provides a wide array of financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, and insurance.
Who Pays & How
Consumers and small to mid-sized businesses pay interest on loans (mortgage, auto, home equity) and fees for services. They choose Huntington for its 'Fair Play' banking philosophy, which includes customer-friendly products like 24-Hour Grace® and Standby Cash®, delivered through a network of branches, ATMs, and digital channels.
Competition
Commercial Banking
$3.4B TTM (35% of Total)What It Is
Provides a comprehensive set of products to mid-market and large corporate customers across a national footprint, including lending, liquidity, treasury management, asset finance, commercial real estate banking, and capital markets advisory services.
Who Pays & How
Medium to large enterprises pay interest on loans and fees for specialized services. They choose Huntington for its specialized industry expertise in verticals like healthcare and technology, and its ability to deliver sophisticated banking and capital markets solutions through a local, relationship-based model.
Competition
Huntington Bancshares — Investor Video Playlist
Industry Resources
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| S&P Global Market Intelligence |
External Quote Links
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| FinViz |
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