HBAN changes
Pick any two versions below to diff them.
- Price
- $15.27 → $15.88(+4.0%)
- Discount category
- Below intrinsic value → Close to intrinsic value
- Next earnings
- Oct 22, 2026 → Jan 22, 2027
- Next earnings is estimate
- No → Yes
- About
- Huntington Bancshares is a US regional bank holding company based in Columbus, Ohio. At removed: June added: September 30, 2026, it had removed: $284 added: $288 billion in assets, removed: $189 added: $191 billion in loans and removed: $222 added: $225 billion in deposits, with branches in 21 states. It grew fast in the last year: it bought Veritex Holdings in Texas on October 20, 2025, and Cadence Bank in the South on February 1, 2026. Its Consumer and Regional Banking segment serves people and small businesses, and it makes auto loans through car dealers. Its Commercial Banking segment lends to middle-market and large companies and has 17 national specialty lending groups. It also sells payments and cash management, wealth management and capital markets services. Most of its revenue is net interest income, the margin between what it earns on loans and securities and what it pays on deposits.
- Thesis
- The market prices Huntington for lower earnings growth than it promised when it bought Cadence and Veritex. On September 16, 2026, Huntington cut its 2027 adjusted EPS target to $1.75 to $1.83. It said that short-term interest rates stayed high, which raised deposit costs, and that competition from other banks and private credit lowered loan growth and loan yields. It also cut its 2026 net interest income growth outlook to about 35% from 39% to 43%. The market also doubts that the new markets in Texas and the South will grow as planned, and it watches capital: the CET1 ratio was removed: 10.0% added: 10.1% at removed: June added: September 30, 2026, lower than before the purchases. For the gap to close, three things must be true. Net interest margin must hold in the low to mid 3.20s and loans must grow about 6% in 2027, as the new outlook assumes. The $435 million of yearly cost savings from Cadence and Veritex must show in expenses from Q4 2026. Net charge-offs must stay within the 0.25% to 0.35% range, so that buybacks of $1.3 billion to $1.4 billion in 2027 can go ahead. The Q3 2026 report on October 22, 2026, removed: is added: passed the first test after the removed: cut. added: cut: the margin rose to 3.25%, and management kept the 2026 outlook and the 2027 target. The Q4 report and the 2027 outlook in January 2027 are the main test. If they confirm the new targets, the gap can close over the next three to five quarters. The main reason it may not close is a longer period of high deposit costs, which would push the margin and the 2027 target down again.
- Risks
- Short-term interest rates stayed higher than Huntington expected in January 2026, and deposit competition rose. If deposit costs stay high, the net interest margin can fall below the low 3.20s and the 2027 EPS target can fall again. Average total assets rose 37% from Q2 2025 to Q2 2026, mostly through two bank purchases. Problems with customers or staff in the Cadence and Veritex markets, or lower revenue synergies than planned, can lower growth. Credit losses are low now, removed: at 0.25% added: but they rose to 0.31% of loans in removed: Q2 2026, but nonperforming added: Q3 2026 from 0.25% in Q2. Nonperforming assets rose to removed: 0.85% added: 0.90% of loans and other real removed: estate. added: estate at September 30, 2026. A weaker economy can raise losses on commercial, commercial real estate and auto loans. The CET1 ratio removed: fell to 10.0% added: was 10.1% at removed: June added: September 30, 2026, added: down from removed: 10.5% added: 10.6% a year earlier, and it was removed: 9.0% added: 8.9% including unrealized securities losses. New capital rules or larger losses can limit the planned buybacks.
- Balance sheet
- Huntington funds itself mostly with deposits. At removed: June added: September 30, 2026, total assets were removed: $284.0 added: $287.8 billion and deposits were removed: $222.5 billion, of which 69% were insured. added: $224.7 billion. Other funding was removed: $3.1 added: $6.1 billion of short-term borrowings and removed: $18.7 added: $17.3 billion of long-term debt. Cash and due from banks was removed: $3.3 added: $2.4 billion, and interest-earning deposits with banks were removed: $12.7 added: $15.0 billion. removed: Huntington had $127.6 billion of selected contingent liquidity sources, mostly unused secured borrowing capacity. Loans and leases were removed: $189.4 added: $191.4 billion, and the allowance for credit losses was removed: 1.78% added: 1.75% of loans. Securities were removed: $35.2 added: $34.6 billion available for sale and removed: $14.4 added: $14.7 billion held to maturity. Capital is the real limit. Total added: Huntington shareholders' equity was removed: $32.6 added: $32.2 billion, including $2.9 billion of preferred stock, and goodwill removed: and other intangible assets were $10.4 billion after the Cadence purchase. added: was $9.5 billion. The removed: estimated added: preliminary CET1 ratio was removed: 10.0%, and tangible added: 10.1%. Tangible book value was removed: $9.65 added: $9.47 per removed: share. added: share, down from $9.65 at June 30, 2026, because higher market interest rates lowered accumulated other comprehensive income. The quarterly common dividend was $0.155 per share. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Oct 22, 2026: Q3 2026 earnings: margin and loan growth after the cut. removed: Pending. added: Passed. Watch: A net interest margin in the low 3.20s, net charge-offs within 0.25% to 0.35% and a 2026 outlook kept at the September levels pass; a lower margin or another cut fails. added: Outcome: The net interest margin rose to 3.25%, net charge-offs were 0.31% of loans, and management kept the 2026 outlook and the 2027 target on the call. Jan added: 22, 2027 (estimate): Q4 2026 results and the 2027 outlook. Pending. Watch: A 2027 outlook that keeps adjusted EPS of $1.75 to $1.83 and buybacks of $1.3 billion to $1.4 billion passes; a lower EPS range or smaller buybacks fails.
- Recent events
- added: Oct 22, 2026: Huntington reported Q3 2026 results. EPS was $0.33 and adjusted EPS was $0.38. Net interest income rose 37% from a year earlier to $2.07 billion, and the net interest margin rose to 3.25% from 3.21% in Q2. Average loans fell 0.4% from Q2, because commercial real estate and consumer loans fell. Net charge-offs rose to 0.31% of loans, and nonperforming assets rose to 0.90%. The CET1 ratio was 10.1%, and Huntington bought back $100 million of shares. The call transcript reports that management kept the 2026 outlook, with net interest income growth of about 35%, and the 2027 adjusted EPS target of $1.75 to $1.83. Sep 18, 2026: Huntington said that Helga Houston, a Senior Executive Vice President, will retire on December 31, 2026. Sep 16, 2026: At an investor conference, Huntington cut its 2027 adjusted EPS target to $1.75 to $1.83. It cut its 2026 net interest income growth outlook to about 35% from 39% to 43%, because deposit costs stayed high and loan growth and loan yields were lower than expected. It raised its 2026 fee income growth outlook to about 32%, said that the $435 million of yearly cost savings from Cadence and Veritex was fully delivered, and expects buybacks of $1.3 billion to $1.4 billion in 2027. Sep 3, 2026: The board appointed Brantley Standridge as President of Huntington, from September 8, 2026. Stephen Steinour stays as Chairman and CEO. Jul 23, 2026: Huntington reported Q2 2026 results. EPS was $0.33 and adjusted EPS was $0.39. Net interest income rose 40% from a year earlier to $2.05 billion, and fee income rose 67% to $785 million, mostly because of the Cadence and Veritex purchases. The net interest margin was 3.21%. Net charge-offs were 0.25% of loans. The CET1 ratio was 10.0%, and Huntington bought back $159 million of shares. It completed the systems conversion of Cadence Bank in mid-June. Feb 1, 2026: Huntington completed its purchase of Cadence Bank, which added $51.3 billion of assets and $43.5 billion of deposits.