First Horizon Corporation (NYSE:FHN) shares traded 5.76% higher at $10.84 on Wall Street last session.
In accordance with the data, 10 analysts cover First Horizon Corporation (NYSE:FHN). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $25.00 and a low of $11.00, we find $15.00. Given the previous closing price of $10.25, this indicates a potential upside of 46.34 percent. FHN stock price is now -33.18% away from the 50-day moving average and -50.74% away from the 200-day moving average. The market capitalization of the company currently stands at $5.89B.
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It has been rated a hold by 7 analysts and a buy by 3. Brokers who have rated the stock have averaged $16.25 as their price target over the next twelve months.
On March 24, 2023, Wells Fargo Upgraded its previous ‘Equal Weight’ rating to ‘Overweight’ on the stock keeping its target price maintained at $25, while ‘Wedbush’ rates the stock as ‘Outperform’.
In other news, FENSTERMAKER WILLIAM H, Director bought 2,950 shares of the company’s stock on May 12. The stock was bought for $28,190 at an average price of $9.56. Upon completion of the transaction, the Director now directly owns 246,312 shares in the company, valued at $2.67 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 10, Director Sugranes Rosa bought 1,948 shares of the business’s stock. A total of $19,905 was incurred on buying the stock at an average price of $10.22. This leaves the insider owning 47,089 shares of the company worth $0.51 million. Insiders disposed of 1,128,820 shares of company stock worth roughly $12.24 million over the past 1 year. A total of 0.40% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in FHN stock. A new stake in First Horizon Corporation shares was purchased by DAVIDSON KEMPNER PARTNERS during the first quarter worth $28,191,000. MELQART ASSET MANAGEMENT (UK) LTD invested $26,465,000 in shares of FHN during the first quarter. In the first quarter, ARMISTICE CAPITAL, LLC acquired a new stake in First Horizon Corporation valued at approximately $13,398,000. D. E. SHAW & CO., INC. acquired a new stake in FHN for approximately $11,351,000. PORTLAND INVESTMENT COUNSEL INC. purchased a new stake in FHN valued at around $10,176,000 in the second quarter. In total, there are 785 active investors with 80.20% ownership of the company’s stock.
First Horizon Corporation (NYSE: FHN) opened at $10.40 on Wednesday. During the past 12 months, First Horizon Corporation has had a low of $8.99 and a high of $24.92. The fifty day moving average price for FHN is $16.01 and a two-hundred day moving average price translates $21.95 for the stock.
The latest earnings results from First Horizon Corporation (NYSE: FHN) was released for Mar, 2023. According to the Banks – Regional Company, earnings per share came in at $0.45, missing analysts’ expectations of $0.47 by -0.02. This compares to $0.34 EPS in the same period last year. The net profit margin was 29.90% and return on equity was 12.70% for FHN. The company reported revenue of $920.0 million for the quarter, compared to $510.0 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 80.39 percent. For the current quarter, analysts expect FHN to generate $870.91M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 07/03/2023. Investors who held shares on 06/16/2023 were paid a $0.15 dividend. On an annualized basis, this represents a $0.60 dividend and a 5.54% percent yield. There was an ex-dividend date of 06/15/2023 for this dividend. In terms of dividend payout ratio, FHN is presently at 34.80%.
First Horizon Corporation(FHN) Company Profile
First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments. The company provides underwriting services for bank-eligible securities and other fixed-income securities by financial subsidiaries; sells loans and derivatives; and offers advisory services. In addition, it offers commercial and business banking for business enterprises, consumer banking, and private client and wealth management services; and capital markets, professional commercial real estate, mortgage warehouse and asset-based lending, franchise and equipment finance, and corporate and correspondent banking. Further, the company provides transaction processing services including check clearing services and remittance processing, credit cards, investment, and sale of mutual fund and retail insurances, as well as trust, fiduciary, and agency services. First Horizon Corporation was founded in 1864 and is headquartered in Memphis, Tennessee.
