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HBAN Huntington Bancshares

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 full-service branches, including 11 Private Client Group offices, and 1,322 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states.

Company profile

Ticker
HBAN, HBANO, HBANP
Exchange
CEO
Stephen Steinour
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
HUNTINGTON BANCSHARES INC/MD
SEC CIK
IRS number
310724920

HBAN stock data

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Calendar

25 Feb 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
14 Apr 21 Stephen D Steinour Common Stock Payment of exercise Dispose F No No 16.475 18,868 310.85K 5,604,887.6
14 Apr 21 Stephen D Steinour Common Stock Option exercise Aquire M No No 9.08 25,000 227K 5,623,755.6
14 Apr 21 Stephen D Steinour Employee/Director Stock Option Common Stock Option exercise Dispose M No No 9.08 25,000 227K 111,097
12 Apr 21 Stephen D Steinour Common Stock Payment of exercise Dispose F No No 16.45 37,758 621.12K 5,598,755.6
12 Apr 21 Stephen D Steinour Common Stock Payment of exercise Dispose F No No 16.41 18,898 310.12K 5,636,513.6
12 Apr 21 Stephen D Steinour Common Stock Option exercise Aquire M No No 9.08 75,000 681K 5,655,411.6
12 Apr 21 Stephen D Steinour Employee/Director Stock Option Common Stock Option exercise Dispose M No No 9.08 75,000 681K 136,097
26 Mar 21 Mark E Thompson Common Stock Grant Aquire A No No 0 9,328 0 527,043.963
26 Mar 21 Mark E Thompson Employee/Director Stock Option Common Stock Grant Aquire A No No 16.08 37,878 609.08K 37,878
26 Mar 21 Richard A Pohle Common Stock Grant Aquire A No No 0 12,437 0 70,264

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

75.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 683 635 +7.6%
Opened positions 109 60 +81.7%
Closed positions 61 88 -30.7%
Increased positions 237 239 -0.8%
Reduced positions 247 220 +12.3%
13F shares
Current Prev Q Change
Total value 9.72B 6.8B +42.8%
Total shares 768.42M 738.94M +4.0%
Total puts 1.31M 1.2M +9.4%
Total calls 2.01M 1.72M +16.8%
Total put/call ratio 0.7 0.7 -6.4%
Largest owners
Shares Value Change
Vanguard 113.3M $1.43B -1.5%
BLK Blackrock 83.65M $1.06B -3.5%
Boston Partners 58.42M $737.83M -0.7%
STT State Street 55.02M $703.07M +4.2%
FMR 50.89M $642.71M +6.5%
JPM JPMorgan Chase & Co. 31.6M $399.09M +10.9%
TROW T. Rowe Price 23.84M $301.08M +98.5%
Geode Capital Management 18.16M $228.82M +1.9%
IVZ Invesco 15.91M $200.9M +3.5%
BK Bank Of New York Mellon 15.66M $197.78M +21.5%
Largest transactions
Shares Bought/sold Change
TROW T. Rowe Price 23.84M +11.83M +98.5%
Norges Bank 10.71M +10.71M NEW
Nuveen Asset Management 8.81M +5.43M +160.5%
Holocene Advisors 201.08K -5.21M -96.3%
PUKPF Prudential 5.33M -3.57M -40.1%
FMR 50.89M +3.13M +6.5%
JPM JPMorgan Chase & Co. 31.6M +3.1M +10.9%
BLK Blackrock 83.65M -3.02M -3.5%
Kames Capital 2.77M +2.77M NEW
BK Bank Of New York Mellon 15.66M +2.77M +21.5%

Financial report summary

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Competition
Keycorp
Risks
  • Detailed Discussion of Risk Pillars and Risk Factors
  • The COVID-19 pandemic is adversely affecting, and will likely continue to adversely affect, our business, financial condition, liquidity, and results of operations.
  • Our ACL level may prove to not be adequate or be negatively affected by credit risk exposures which could adversely affect our net income and capital.
  • Weakness in economic conditions could adversely affect our business.
  • Changes in interest rates could reduce our net interest income, reduce transactional income, and negatively impact the value of our loans, securities, and other assets. This could have an adverse impact on our cash flows, financial condition, results of operations, and capital.
  • Industry competition may have an adverse effect on our success.
  • Uncertainty about the future of LIBOR may adversely affect our business.
  • Changes in either Huntington’s financial condition or in the general banking industry could result in a loss of depositor confidence.
  • We are a holding company and depend on dividends by our subsidiaries for most of our funds.
  • If we lose access to capital markets, we may not be able to meet the cash flow requirements of our depositors, creditors, and borrowers, or have the operating cash needed to fund corporate expansion and other corporate activities.
  • A reduction in our credit rating could adversely affect our access to capital and could increase our cost of funds.
  • Our operational or security systems or infrastructure, or those of third parties, could fail or be breached, which could disrupt our business and adversely impact our operations, liquidity, and financial condition, as well as cause legal or reputational harm.
  • We face security risks, including denial of service attacks, hacking, social engineering attacks targeting our colleagues and customers, malware intrusion or data corruption attempts, and identity theft that could result in the disclosure of confidential information, adversely affect our business or reputation, and create significant legal and financial exposure.
  • Cybersecurity and data privacy are areas of heightened legislative and regulatory focus.
  • We face significant operational risks which could lead to financial loss, expensive litigation, and loss of confidence by our customers, regulators, and capital markets.
  • Failure to maintain effective internal controls over financial reporting could impair our ability to accurately and timely report our financial results or prevent fraud, resulting in loss of investor confidence and adversely affecting our business and our stock price.
  • We rely on quantitative models to measure risks and to estimate certain financial values.
  • We rely on third parties to provide key components of our business infrastructure.
  • Changes in accounting policies, standards, and interpretations could affect how we report our financial condition and results of operations.
  • Impairment of goodwill could require charges to earnings, which could result in a negative impact on our results of operations.
  • We operate in a highly regulated industry, and the laws and regulations that govern our operations, corporate governance, executive compensation and financial accounting, or reporting, including changes in them, or our failure to comply with them, may adversely affect us.
  • Legislative and regulatory actions taken now or in the future that impact the financial industry may materially adversely affect us by increasing our costs, adding complexity in doing business, impeding the efficiency of our internal business processes, negatively impacting the recoverability of certain of our recorded assets, requiring us to increase our regulatory capital, limiting our ability to pursue business opportunities, and otherwise resulting in a material adverse impact on our financial condition, results of operation, liquidity, or stock price.
  • The resolution of significant pending litigation, if unfavorable, could have an adverse effect on our results of operations for a particular period.
  • Noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations could cause us material financial loss.
  • We operate in a highly competitive industry which depends on our ability to successfully execute our strategic plan and adapt our products and services to evolving industry standards and consumer preferences.
  • We depend on our executive officers and key personnel to continue the implementation of our long-term business strategy and could be harmed by the loss of their services.
  • Bank regulations regarding capital and liquidity, including the CCAR assessment process and the U.S. Basel III capital and liquidity standards, could require higher levels of capital and liquidity. Among other things, these regulations could impact our ability to pay common stock dividends, repurchase common stock, attract cost-effective sources of deposits, or require the retention of higher amounts of low yielding securities.
  • If our regulators deem it appropriate, they can take regulatory actions that could result in a material adverse impact on our financial results, ability to compete for new business, or preclude mergers or acquisitions. In addition, regulatory actions could constrain our ability to fund our liquidity needs or pay dividends. Any of these actions could increase the cost of our services.
  • Damage to our reputation could significantly harm our business, including our competitive position and business prospects.
  • We are expected to incur substantial costs related to the Merger and integration.
  • Combining Huntington and TCF may be more difficult, costly or time consuming than expected and Huntington and TCF may fail to realize the anticipated benefits of the Merger.
  • The future results of the combined company following the Merger may suffer if the combined company does not effectively manage its expanded operations.
  • The combined company may be unable to retain Huntington or TCF personnel successfully while the Merger is pending or after the Merger is completed.
  • The COVID-19 pandemic may delay and adversely affect the completion of the Merger.
  • Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the Merger.
  • Termination of the Merger Agreement could negatively affect Huntington.
  • Huntington will be subject to business uncertainties and contractual restrictions while the Merger is pending.
  • Shareholder litigation could prevent or delay the closing of the Merger or otherwise negatively affect the business and operations of Huntington.
  • The Merger Agreement subjects Huntington to certain restrictions on its business activities prior to the Effective Time.
  • The COVID-19 pandemic’s impact on the combined company’s business and operations is uncertain.
Management Discussion
  • Fully-taxable equivalent net interest income for 2020 increased $6 million from 2019. The increase reflects the benefit of a $8.9 billion, or 9%, increase in average total earning assets partially offset by a 27 basis point decrease in the FTE NIM to 2.99%.
  • Average earning assets for 2020 increased $8.9 billion, or 9%, from the prior year, reflecting loan growth of $4.4 billion, or 6% and an increase of $3.3 billion or 602% in interest-bearing deposits at the Federal Reserve Bank. Average loans and leases increased $4.4 billion, or 6%, primarily reflecting an increase of $3.5 billion in average commercial loans, primarily PPP loans, and an increase in average residential mortgage loans and RV and marine loans.
  • Average total interest-bearing liabilities increased $3.2 billion, reflecting an increase in average total interest-bearing deposits of $4.3 billion, or 7%, partially offset by a $1.3 billion or 53%, decrease in short‐term borrowings. The increase in average in interest bearing deposits was primarily driven by business and commercial growth related to the PPP loans and increased liquidity levels in reaction to the economic downturn, consumer growth largely related to government stimulus, increased consumer and business banking account production, and reduced attrition. Specifically within core deposits, average total interest bearing demand deposits increased $3.7 billion, or 18%, and average money market deposits increased $1.9 billion, or 8%. These increases were partially offset by a decrease in average core CDs of $3.0 billion, or 53% reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Brokered deposits and negotiable CDs increased $1.0 billion or 36%, reflecting balance growth in new and existing brokered deposit accounts.
Content analysis
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Legalese
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