In the last trading session, 16.29 million First Horizon Corporation (NYSE:FHN) shares changed hands as the company’s beta touched 0.96. With the company’s per share price at $11.45 changed hands at -$0.17 or -1.46% during last session, the market valuation stood at $6.49B. FHN’s last price was a discount, traded about -117.64% off its 52-week high of $24.92. The share price had its 52-week low at $8.99, which suggests the last value was 21.48% up since then. When we look at First Horizon Corporation’s average trading volume, we note the 10-day average is 8.0 million shares, with the 3-month average coming to 7.26 million.
Analysts gave the First Horizon Corporation (FHN) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.40. If we narrow down to specifics, the data shows that 0 out of 13 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 8 recommended FHN as a Hold, 4 felt it is a Buy and 0 rated the stock as Underweight. First Horizon Corporation’s EPS for the current quarter is expected to be $0.32.
First Horizon Corporation (NYSE:FHN) trade information
Instantly FHN was in red as seen at the end of in last trading. With action -3.21%, the performance over the past five days has been red. The drop to weekly highs of 12.04 on Friday, 09/15/23 subtracted -1.46% to the stock’s daily price. The company’s shares are showing year-to-date downside of -53.27%, with the 5-day performance at -3.21% in the red. However, in the 30-day time frame, First Horizon Corporation (NYSE:FHN) is -10.89% down. Looking at the short shares, we see there were 10.42 million shares sold at short interest cover period of 1.95 days.
The consensus price target for the stock as assigned by Wall Street analysts is $14.35, meaning bulls need an upside of 20.21% from its current market value. According to analyst projections, FHN’s forecast low is $13.25 with $16.00 as the target high. To hit the forecast high, the stock’s price needs a -39.74% plunge from its current level, while the stock would need to soar -15.72% for it to hit the projected low.
First Horizon Corporation (FHN) estimates and forecasts
Data shows that the First Horizon Corporation share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -26.41% over the past 6 months, a -13.10% in annual growth rate that is considerably lower than the industry average of -4.30%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for First Horizon Corporation will fall -27.30%, while the growth in revenue is estimated to hit -39.20% for the next quarter. Year-over-year growth is forecast to reach 6.40% up from the last financial year.
Consensus estimates given by 9 financial analysts project the company’s revenue in the current quarter to hit an average of $801.64 million. 9 analysts are of the opinion that First Horizon Corporation’s revenue for the quarter ending Dec 2023 will be $800.75 million. The company’s revenue for the corresponding quarters a year ago was $810.5 million and $882 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -1.10%. The estimates for the next quarter sales put growth at -9.20%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 9.20%. The 2023 estimates are for First Horizon Corporation earnings to decrease by -12.10%, but the outlook for the next 5-year period is at 2.40% per year.
First Horizon Corporation is expected to release its next quarterly earnings report in October. The 5.24% annual yield figure for the share gives it an annual dividend of 0.60. It is important to note, however, that the 5.24% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.
First Horizon Corporation (NYSE:FHN)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 1.13% of First Horizon Corporation shares while 78.03% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 78.91%. There are 78.03% institutions holding the First Horizon Corporation stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 13.18% of the shares, roughly 73.65 million FHN shares worth $830.07 million.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 9.75% or 54.5 million shares worth $614.19 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Aug 30, 2023 were iShares Core S&P Midcap ETF and Vanguard Total Stock Market Index Fund. With 17.34 million shares estimated at $217.62 million under it, the former controlled 3.10% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.99% of the shares, roughly 16.72 million shares worth around $188.44 million.