HBAN vs KEY: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
HBAN is the larger of the two ($34.43B market cap): the incumbent the market prices for continued execution (9.08x forward earnings, beta 0.95). KEY is the smaller challenger ($24.22B), actually pricier on forward earnings (10.56x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
HBAN vs KEY: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | HBAN | KEY | What it tells you |
|---|---|---|---|
| Market cap | $34.43B | $24.22B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 9.08 | 10.56 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 13.11 | 13.21 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.95 | 1.02 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 47% of range | 81% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.16 | 1.40 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: HBAN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how HBAN and KEY affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HBAN and KEY share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HBAN and KEY exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Huntington Bancshares Incorporated (HBAN) do?
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, operating primarily through The Huntington National Bank. It provides a full range of financial services: consumer and business banking, commercial and corporate lending, mortgages, vehicle and equipment finance, treasury management, payments, and wealth and investment management. Its revenue comes chiefly from net interest income (the spread between what it earns on loans and pays on deposits) plus fee income from services like payments, wealth management, and capital markets. Long known as a Midwest franchise, Huntington has been reshaping its footprint toward faster-growing Sun Belt markets.
What does KeyCorp (KEY) do?
KeyCorp (NYSE: KEY) is the Cleveland, Ohio holding company for KeyBank National Association, one of the larger regional banks in the United States, with roughly $189 billion in assets as of early 2026. It operates through two segments: the Consumer Bank, which offers deposits, mortgages, home equity, credit cards, student-loan refinancing (through its national Laurel Road digital brand), and financial-wellness services to individuals and small businesses across a 15-state branch footprint, and the Commercial Bank, which serves middle-market clients in seven industry verticals (consumer, energy, healthcare, industrial, public sector, real estate, and technology) with lending, treasury management, and capital-markets services. Like other banks, KeyCorp makes money in two broad ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits, and noninterest fee income from investment banking, payments, wealth management, and service charges.
HBAN vs KEY: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- HBAN drivers: Sun Belt expansion and scale; Cost savings and revenue synergies.
- KEY drivers: Net interest income and margin recovery; Fee income and investment banking.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risks are those common to banks, now amplified by two large, back-to-back mergers. For KEY, keyCorp is highly sensitive to interest rates: net interest income is its largest revenue line, so falling rates, an inverted yield curve, or deposit repricing can compress the net interest margin and earnings.
HBAN or KEY: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick HBAN if you believe its drivers more; KEY if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the HBAN and KEY guides.
HBAN vs KEY: the full fundamentals
HBAN. All figures are approximate and reflect early-2026 reporting that was depressed by one-time acquisition charges, so headline earnings understate the underlying run-rate. Bank metrics like net interest margin, return on tangible common equity, and the dividend can shift with interest rates and integration progress. Confirm current revenue, earnings, assets, dividend, and yield with a live source before making decisions.
KEY. KeyCorp trades as a mid-cap regional bank, with a market value near $25 billion on roughly 1.08 billion shares and a dividend yield around 3.7%. Earnings have been recovering sharply off a weak 2024, so year-over-year growth rates look large partly because of the low base. As with all banks, valuation multiples like price-to-book and price-to-earnings are best read against peer regional banks and the direction of interest rates and credit costs.
Headline figures (approximate, Jul 2026): HBAN shows total assets (post-mergers) ~$285 billion, with loans ~$189 billion and deposits ~$223 billion, net income (q1 2026) ~$523 million, about $0.25 per share, weighed down by acquisition-related charges, revenue growth (q1 2026) FTE total revenue up ~34% year over year on the Cadence and Veritex deals plus organic growth, net interest income (q1 2026) ~$1.9 billion, up ~33% year over year; KEY shows total assets ~$189 billion (Q1 2026), q1 2026 total revenue ~$1.95 billion (up ~10% YoY), q1 2026 net income to common ~$486 million, q1 2026 diluted eps ~$0.44 (up ~33% YoY).
The bottom line: HBAN vs KEY
HBAN and KEY are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HBAN and KEY exposure against your real portfolio. It is not an investment adviser.
Wondering how HBAN or KEY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Huntington Bancshares Incorporated with AI
Connect the broker you already use and ask Walnut's AI how HBAN fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between HBAN and KEY?
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Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, operating primarily through The Huntington National Bank. KeyCorp (NYSE: KEY) is the Cleveland, Ohio holding company for KeyBank National Association, one of the larger regional banks in the United States, with roughly $189 billion in assets as of early 2026. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is HBAN or KEY the better stock?
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Neither is universally better. HBAN is the larger incumbent; KEY is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, HBAN or KEY?
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On forward P/E (as of August 2026), HBAN trades at 9.08x and KEY at 10.56x, so HBAN is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both HBAN and KEY?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of HBAN vs KEY?
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HBAN: The central risks are those common to banks, now amplified by two large, back-to-back mergers. Integration is the near-term one: combining Veritex and Cadence involves systems, culture, customers, and staff, and missteps can erode the expected synergies or cause customer and banker attrition. Bank earnings are sensitive to interest rates, since the net interest margin depends on the gap between loan yields and deposit costs, and to the economic cycle, because a downturn can raise loan losses, especially in commercial real estate and consumer lending. The Sun Belt expansion adds new geographic and credit exposure. Regulatory scrutiny, deposit competition, and the reputational and financial fallout from any regional-bank stress in the sector are additional considerations largely outside the company's control. KEY: KeyCorp is highly sensitive to interest rates: net interest income is its largest revenue line, so falling rates, an inverted yield curve, or deposit repricing can compress the net interest margin and earnings. As an economically cyclical regional bank, it is exposed to the credit cycle, where a recession or rising unemployment would increase loan losses; commercial real estate and leveraged commercial lending are areas investors watch closely, though credit metrics were healthy in early 2026 (net charge-offs around 38 basis points). Deposit competition from larger banks, online banks, and money-market funds can raise funding costs. The 2024 securities repositioning was executed at a realized loss, and any renewed rate volatility could pressure the securities book again. Finally, regional banks broadly face heightened regulatory scrutiny and capital requirements after the 2023 regional-bank stress, and Scotiabank's large minority stake, while a source of capital, concentrates a significant block of ownership with a single strategic holder.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell HBAN or KEY; figures are approximate and dated (as of August 2026). Verify current data before investing.