Huntington Bancshares Incorporated
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Huntington Bancshares remains a hold as management's September 2026 cut to its 2027 earnings and NII growth outlook—citing rising deposit costs and slower loan growth—offsets the stock's increasingly oversold technicals at the 2 Oct close of $15.33 (RSI 33.9).
FY2025 EPS of $1.39 grew 13.9% and Q2 2026 revenue surged 37.7% YoY to $4.17B, but the most recent quarter missed EPS estimates by 8.0% (actual $0.33 vs. $0.36), the stock trades below both its 50-day ($16.75) and 200-day ($16.92) moving averages, and a 28.3% EV/EBITDA premium to the peer median (14.18x vs. 11.05x) leaves little room for further disappointment ahead of the October 22 Q3 2026 earnings release.
What could go wrong
- Margin compression accelerates. The 2027 outlook cut specifically flags deposit-cost pressure and NIM erosion; if higher-for-longer rates persist, net interest income growth could deteriorate further.
- EV/EBITDA premium unwinds. At 14.18x EV/EBITDA vs. a peer median of 11.05x (28.3% premium), HBAN trades rich on an enterprise-value basis despite a PE only modestly below peers at 11.27x vs. 11.60x.
- Earnings momentum stalls. Two of the last three quarterly prints missed estimates (−8.0% and −6.3% surprises); another miss on October 22 could trigger a deeper technical breakdown.
- Insider selling persists. Over 24 months insiders net acquired 1.64M shares but net sold $31.8M in value, suggesting option-exercise-driven disposition rather than conviction buying.
What would change my mind
Where this comes from: FY25 fundamentals · Q2 2026 results · earnings vs estimates, 23 Jul · peer comparison. Orin's read on HBAN; not advice.
How has the share price moved?
Up 0.4% over twelve months, from $15.64 on 27 Oct 2025 to $15.71 at the Tue 27 Oct 2026 close. Its highest close in that time was $19.27 on 6 Feb 2026; the last close is 18.5% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 212.0M, on 30 Jan 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All HBAN filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $3.1B | 0.0% |
| Vanguard Capital Management | $2.3B | 0.1% |
| Wellington Management Group | $2.2B | 0.4% |
| State Street | $1.7B | 0.1% |
| Vanguard Portfolio Management | $1.7B | 0.1% |
| T. Rowe Price Associates | $1.3B | 0.1% |
| Invesco | $1.3B | 0.1% |
| Geode Capital Management | $1.0B | 0.1% |
| FMR | $897.7M | 0.0% |
| Morgan Stanley | $728.6M | 0.0% |
93 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 513 Form 4 filings; open-market trades net −$10.1M. Of the 50 on hand, 0 were open-market purchases and 2 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about HBAN
Orin answers questions about HBAN from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 12.2× its last 12 months of profit (Tue 27 Oct close) — higher than in 2 of its last 5 fiscal years (middle 12.3×); the typical Financial Services company on the NASDAQ is at 20.4×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 12.2×near usual | 12.3× | 20.4× |
| P/S | 2.08×near usual | 2.06× | — |
| P/B | 1.0×below usual | 1.1× | — |
- P/S: for a bank, sales here are gross revenue — interest income plus non-interest revenue, before the interest it pays — so its P/S reads lower than it would on the net revenue in its filings.
- EV/EBITDA: not used for a lender — the debt in its enterprise value is mostly the deposits it lends out.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $19.33 (from $18 to $21) — 23% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$19.33
$18 – $21 · +23% against the last close
- 12 buy or overweight
- 6 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 12.2× its last 12 months of profit; the middle P/E of the 7 companies it is compared to that made a profit is 11.6×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| HBANHuntington Bancshares Incorporated | $32B | 12.2× | n/a | n/a | 16.3% | 8% |
| CFGCitizens Financial Group, Inc. | $28B | 13.1× | n/a | n/a | 19.5% | 9% |
| FITBFifth Third Bancorp | $49B | 18.1× | n/a | n/a | 15.9% | 8% |
| KEYKeyCorp | $23B | 11.6× | n/a | n/a | 20.1% | 11% |
| MTBM&T Bank Corporation | $32B | 11.5× | n/a | n/a | 22.6% | 11% |
| PNCThe PNC Financial Services Group, Inc. | $91B | 12.1× | n/a | n/a | 22.1% | 13% |
| RFRegions Financial Corporation | $24B | 11.0× | n/a | n/a | 24.0% | 12% |
| USBU.S. Bancorp | $93B | 11.6× | n/a | n/a | 19.0% | 13% |
- HBAN, CFG, FITB, KEY, MTB, PNC, RF, USB: gross margin is not used (n/a) for a bank, an insurer or a property trust — what it sells is money or space, not goods.
- HBAN, CFG, FITB, KEY, MTB, PNC, RF, USB: EV/EBITDA is not used (n/a) for a lender — the debt in its enterprise value is mostly the deposits it lends out.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 12.2× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now12.2×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Financial Services companies on the NASDAQ were priced at a typical 20.4× their yearly profit (Tue 27 Oct close).
- Now20.4×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A cash-flow model is not built for a bank or an insurer — its cash moves with deposits, loans and claims — so none is shown.
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.