Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie leaning over my shoulder. We've spent a lifetime studying banks — we've owned some wonderful ones and passed on hundreds of ordinary ones. Huntington Bancshares is, by our lights, an ordinary one run with above-average competence. That's not an insult; it's a category. Huntington is a well-managed super-regional with a genuinely good Midwest deposit franchise, a sensible credit culture, and a CEO who rescued it from the brink in 2009 and has run it honestly since. But over the past nine months, management has issued 570 million new shares — growing the share count 39% — to buy two Texas banks, and the arithmetic that matters to us is this: net income rose 36% year over year, and earnings per share fell from $0.34 to $0.33. The bank got much bigger. The owner's slice of it did not.
Recent filings analysed: 10-Q (2026-07-28), 8-K (2026-07-23), 8-K (2026-07-23), 8-K (2026-06-25).
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