# Huntington Bancshares (HBAN.US)

Canonical: https://gigainvestors.com/s/HBAN

Analysis as of: 2026-10-16T07:28:57.908Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $15.35 per share; close as of 2026-10-15.

Estimated value: low $17.76 per share, central $22.21 per share, high $29.61 per share. Buy at or below the central value $22.21 per share. Valuation as of 2026-10-16T07:28:57.908Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.25×

Chart: Net income; fiscal year observations.

- FY2016: $647M

- FY2017: $1.1B

- FY2018: $1.3B

- FY2019: $1.3B

- FY2020: $717M

- FY2021: $1.2B

- FY2022: $2.1B

- FY2023: $1.8B

- FY2024: $1.8B

- FY2025: $2.1B

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 15.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.8%

- Cost / income, median: 61.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.8%

- FY2017: 15.5%

- FY2018: 17.9%

- FY2019: 16.5%

- FY2020: 8.6%

- FY2021: 10.3%

- FY2022: 22.9%

- FY2023: 16.9%

- FY2024: 15.6%

- FY2025: 14.0%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 11.5%

- Book return interval: 10 years

- Starting book value per share: $6.47

- Ending book value per share: $9.88

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 15.4%

- FY2017: -8.1%

- FY2018: 13.1%

- FY2019: 23.9%

- FY2020: 13.2%

- FY2021: 14.1%

- FY2022: -20.0%

- FY2023: 25.0%

- FY2024: 15.1%

- FY2025: 34.4%

### management: fail

- Tangible common book per share

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 6.3%

- Diluted shares, 5-year annual growth: 7.8%

- Share growth excluding flagged crisis recapitalisations: 6.3%

- Five-year share growth excluding flagged crisis recapitalisations: 7.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.28×

- Book value created per share: $3.41

- Earnings retained per share after dividends and buybacks: $2.67

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 112

- FY2017: 139

- FY2018: 135

- FY2019: 129

- FY2020: 126

- FY2021: 157

- FY2022: 179

- FY2023: 180

- FY2024: 181

- FY2025: 184

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 12.3%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

- Years credit losses exceeded peer median: 6

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 4.2% a year forever · "The price movement was triggered by a profit warning at a Barclays conference." (finance.yahoo.com, Sep 2026) · net income +15.9%

Story as of 2026-10-16T09:58:51.751Z; price observation 2026-10-15.

The price assumes profits grow 4.2% a year forever

- 2025-04-15: Decline in Fee Income to Hurt Huntington Bancshares' Q1 Earnings ([finance.yahoo.com](https://finance.yahoo.com/news/decline-fee-income-hurt-huntington-133200030.html))

- 2026-01-22: Stock Market Today, Jan. 22: Huntington Bancshares Falls After Missing Revenue and EPS Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/stock-market-today-jan-22-223116436.html))

- 2026-06-10: Huntington's Texas Deals to Drive Higher Profitability Through 2028 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/huntingtons-texas-deals-drive-higher-133500726.html))

- 2026-07-23: After rise in deposit costs, Huntington foresees 2H rebound ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/rise-deposit-costs-huntington-foresees-213653104.html))

- 2026-09-20: Huntington Cut Its Outlook Right as the Fed Hiked. First Crack in Regional-Bank Margins? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/huntington-cut-outlook-fed-hiked-234006771.html))

### Net income · FY2025

net income +15.9%; source https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm; observed 2026-02-13.

- FY2016: $647M 

- FY2017: $1.1B 

- FY2018: $1.3B 

- FY2019: $1.3B 

- FY2020: $717M 

- FY2021: $1.2B 

- FY2022: $2.1B 

- FY2023: $1.8B 

- FY2024: $1.8B 

- FY2025: $2.1B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 8.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm#000004919626000015 (filed 2026-02-13); FY2025: revenue 8166000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HBAN.US: Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank that provides commercial, consumer, and mortgage banking services. It offers financial products and services to consumer and business customers, including deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services. The company also provides 24-Hour Grace, Asterisk-Free Checking, Money Scout, $50 Safety Zone, Standby Cash, Early Pay, Instant Access, Savings Goal Getter, And Huntington Heads Up; digitally powered consumer and business financial solutions to consumer finance, regional banking, branch banking, and wealth management customers; direct and indirect consumer loans; dealer finance loans and deposits; and private banking, wealth management and legacy planning through investment and portfolio management, fiduciary administration and trust, institutional custody, and full-service retail brokerage investment services. In addition, it offers equipment financing, asset-based lending, distribution finance, structured lending, municipal financing solutions, and Huntington ChoicePay. Additionally, the company provides lending, liquidity, treasury management and other payment services, and capital markets; government and non-profits, healthcare, technology and telecommunications, franchises, financial sponsors, fund finance, Native American financial, and global services; and corporate risk management, institutional sales and trading, debt and equity issuance, and additional advisory services. The company offers its products through a network of channels, including branches and ATMs, online and mobile banking, and through customer call centers to customers in middle market banking, corporate, specialty, and government banking, asset finance, commercial real estate banking, and capital markets. The company was founded in 1866 and is headquartered in Columbus, Ohio.

### Why customers stay

It earns 15.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on tangible equity observations [[2016,0.09779322853688029],[2017,0.1548981300586101],[2018,0.17938983050847457],[2019,0.1645133505598622],[2020,0.08552003816793893],[2021,0.10322291853178156],[2022,0.22896239629350285],[2023,0.16940145440984525],[2024,0.15643185963693215],[2025,0.14042524559278696]]; median 0.15566499484777113. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,299000000],[2017,425000000],[2018,584000000],[2019,671000000],[2020,698000000],[2021,888000000],[2022,1010000000],[2023,1034000000],[2024,1046000000],[2025,1016000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HBAN.US SharesStats.PercentInsiders = 0.799 percentage points; cache date 2026-10-16.

### What could break it

"Our emphasis on commercial lending may expose us to increased lending risks." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm (filed 2026-02-13); Our emphasis on commercial lending may expose us to increased lending risks.

### What the price says

The price assumes profits grow 4.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Price 15.35; FX 1; original perpetual distributable cash 0.8882030411781281; discount 0.1; growth 0.04213660969523596. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $10.60 per share

- 2016-11: $12.46 per share

- 2016-12: $13.22 per share

- 2017-01: $13.53 per share

- 2017-02: $14.14 per share

- 2017-03: $13.39 per share

- 2017-04: $12.86 per share

- 2017-05: $12.54 per share

- 2017-06: $13.52 per share

- 2017-07: $13.25 per share

- 2017-08: $12.59 per share

- 2017-09: $13.96 per share

- 2017-10: $13.80 per share

- 2017-11: $14.40 per share

- 2017-12: $14.56 per share

- 2018-01: $16.18 per share

- 2018-02: $15.70 per share

- 2018-03: $15.10 per share

- 2018-04: $14.91 per share

- 2018-05: $14.87 per share

- 2018-06: $14.76 per share

- 2018-07: $15.44 per share

- 2018-08: $16.21 per share

- 2018-09: $14.92 per share

- 2018-10: $14.33 per share

- 2018-11: $14.59 per share

- 2018-12: $11.92 per share

- 2019-01: $13.24 per share

- 2019-02: $14.41 per share

- 2019-03: $12.68 per share

- 2019-04: $13.92 per share

- 2019-05: $12.65 per share

- 2019-06: $13.82 per share

- 2019-07: $14.25 per share

- 2019-08: $13.25 per share

- 2019-09: $14.27 per share

- 2019-10: $14.13 per share

- 2019-11: $14.89 per share

- 2019-12: $15.08 per share

- 2020-01: $13.57 per share

- 2020-02: $12.27 per share

- 2020-03: $8.21 per share

- 2020-04: $9.24 per share

- 2020-05: $8.89 per share

- 2020-06: $9.04 per share

- 2020-07: $9.27 per share

- 2020-08: $9.41 per share

- 2020-09: $9.17 per share

- 2020-10: $10.44 per share

- 2020-11: $12.08 per share

- 2020-12: $12.63 per share

- 2021-01: $13.23 per share

- 2021-02: $15.34 per share

- 2021-03: $15.72 per share

- 2021-04: $15.32 per share

- 2021-05: $15.86 per share

- 2021-06: $14.27 per share

- 2021-07: $14.08 per share

- 2021-08: $15.53 per share

- 2021-09: $15.46 per share

- 2021-10: $15.74 per share

- 2021-11: $14.84 per share

- 2021-12: $15.42 per share

- 2022-01: $15.06 per share

- 2022-02: $15.52 per share

- 2022-03: $14.62 per share

- 2022-04: $13.15 per share

- 2022-05: $13.88 per share

- 2022-06: $12.03 per share

- 2022-07: $13.29 per share

- 2022-08: $13.40 per share

- 2022-09: $13.18 per share

- 2022-10: $15.18 per share

- 2022-11: $15.48 per share

- 2022-12: $14.10 per share

- 2023-01: $15.17 per share

- 2023-02: $15.32 per share

- 2023-03: $11.20 per share

- 2023-04: $11.20 per share

- 2023-05: $10.31 per share

- 2023-06: $10.78 per share

- 2023-07: $12.24 per share

- 2023-08: $11.09 per share

- 2023-09: $10.40 per share

- 2023-10: $9.65 per share

- 2023-11: $11.26 per share

- 2023-12: $12.72 per share

- 2024-01: $12.73 per share

- 2024-02: $13.04 per share

- 2024-03: $13.95 per share

- 2024-04: $13.47 per share

- 2024-05: $13.92 per share

- 2024-06: $13.18 per share

- 2024-07: $14.95 per share

- 2024-08: $14.97 per share

- 2024-09: $14.70 per share

- 2024-10: $15.59 per share

- 2024-11: $18.01 per share

- 2024-12: $16.27 per share

- 2025-01: $17.20 per share

- 2025-02: $16.47 per share

- 2025-03: $15.01 per share

- 2025-04: $14.53 per share

- 2025-05: $15.63 per share

- 2025-06: $16.76 per share

- 2025-07: $16.43 per share

- 2025-08: $17.81 per share

- 2025-09: $17.27 per share

- 2025-10: $15.44 per share

- 2025-11: $16.30 per share

- 2025-12: $17.35 per share

- 2026-01: $17.48 per share

- 2026-02: $16.80 per share

- 2026-03: $15.65 per share

- 2026-04: $16.76 per share

- 2026-05: $16.36 per share

- 2026-06: $17.73 per share

- 2026-07: $17.04 per share

- 2026-08: $16.69 per share

- 2026-09: $15.26 per share

- 2026-10: $15.35 per share

## Annual estimated value (USD per share)

- FY2016: low $6.51 per share, central $8.14 per share, high $10.85 per share

- FY2017: low $6.93 per share, central $8.66 per share, high $11.54 per share

- FY2018: low $8.21 per share, central $10.26 per share, high $13.68 per share

- FY2019: low $10.32 per share, central $12.90 per share, high $17.20 per share

- FY2020: low $11.97 per share, central $14.96 per share, high $19.94 per share

- FY2021: low $12.11 per share, central $15.14 per share, high $20.18 per share

- FY2022: low $9.19 per share, central $11.49 per share, high $15.32 per share

- FY2023: low $13.06 per share, central $16.32 per share, high $21.76 per share

- FY2024: low $15.33 per share, central $19.17 per share, high $25.56 per share

- FY2025: low $19.60 per share, central $24.50 per share, high $32.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/49196/000004919626000015/hban-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.