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As The Stock Falls By -55.51% Year-To-Date, First Horizon Corporation (NYSE: FHN)’S Stock Continues To Progress In 2023

During the last session, First Horizon Corporation (NYSE:FHN)’s traded shares were 8.42 million, with the beta value of the company hitting 0.94. At the end of the trading day, the stock’s price was $10.90, reflecting an intraday loss of -1.71% or -$0.19. The 52-week high for the FHN share is $24.92, that puts it down -128.62 from that peak though still a striking 17.52% gain since the share price plummeted to a 52-week low of $8.99. The company’s market capitalization is $5.92B, and the average intraday trading volume over the past 10 days was 14.85 million shares, and the average trade volume was 13.83 million shares over the past three months.

First Horizon Corporation (FHN) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.50. FHN has a Sell rating from 0 analyst(s) out of 10 analysts who have looked at this stock. 6 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 4 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.45.

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First Horizon Corporation (NYSE:FHN) trade information

First Horizon Corporation (FHN) registered a -1.71% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -1.71% in intraday trading to $10.90 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -0.82%, and it has moved by -37.61% in 30 days. Based on these gigs, the overall price performance for the year is -51.96%. The short interest in First Horizon Corporation (NYSE:FHN) is 29.22 million shares and it means that shorts have 5.82 day(s) to cover.

The consensus price target of analysts on Wall Street is $15.63, which implies an increase of 30.26% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $11.00 and $25.00 respectively. As a result, FHN is trading at a discount of -129.36% off the target high and -0.92% off the low.

First Horizon Corporation (FHN) estimates and forecasts

Statistics show that First Horizon Corporation has outperformed its competitors in share price, compared to the industry in which it operates. First Horizon Corporation (FHN) shares have gone down -55.73% during the last six months, with a year-to-date growth rate more than the industry average at 0.00% against -10.40. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 32.40% this quarter and then drop -2.30% in the quarter after that. In the rating firms’ projections, revenue will increase 9.00% compared to the previous financial year.

Revenue for the current quarter is expected to be $865.07 million as predicted by 5 analyst(s). Meanwhile, a consensus of 6 analyst(s) estimates revenue growth to $866.46 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $743 million and $810.5 million respectively. In this case, analysts expect current quarter sales to grow by 16.40% and then jump by 6.90% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 9.20%. While earnings are projected to return -12.10% in 2023, the next five years will return 2.40% per annum.

FHN Dividends

First Horizon Corporation is due to release its next quarterly earnings between July 17 and July 21. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for First Horizon Corporation is 0.60, with the dividend yield indicating at 5.50 percent, continuing the trend of increasing dividends in recent years.

First Horizon Corporation (NYSE:FHN)’s Major holders

First Horizon Corporation insiders own 1.08% of total outstanding shares while institutional holders control 80.18%, with the float percentage being 81.06%. Blackrock Inc. is the largest shareholder of the company, while 785 institutions own stock in it. As of Mar 30, 2023, the company held over 74.68 million shares (or 13.89% of all shares), a total value of $1.33 billion in shares.

The next largest institutional holding, with 55.0 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 10.23% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $977.92 million.

Also, the Mutual Funds coming in first place with the largest holdings of First Horizon Corporation (FHN) shares are iShares Core S&P Midcap ETF and Vanguard Total Stock Market Index Fund. Data provided on Feb 27, 2023 indicates that iShares Core S&P Midcap ETF owns about 16.71 million shares. This amounts to just over 3.11 percent of the company’s overall shares, with a $413.93 million market value. The same data shows that the other fund manager holds slightly less at 16.29 million, or about 3.03% of the stock, which is worth about $399.03 million.

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