BlackRock Fund Advisors recently announced the acquisition of new stake in First Horizon Corporation (NYSE:FHN). The institutional investor has increased its shareholding in the Financial company by 1.90% to 65.21 million shares with purchase of 1.21 million shares. This fresh investment now brings its stake to 11.67% valued currently at $833.97 million. In addition, The Vanguard Group, Inc. raised its holdings by 2.3 million to 55.98 million shares. And SSgA Funds Management, Inc. has lifted its position by 8.43% or 2.08 million shares – to 26.77 million shares.
With over 14.72 million First Horizon Corporation (FHN) shares trading Friday and a closing price of $14.49 on the day, the dollar volume was approximately $213.28 million. The shares have shown a positive half year performance of 22.49% and its price on 01/05/24 gained nearly 3.50%. Currently, there are 558.77M common shares owned by the public and among those 550.12M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for FHN have a consensus price objective of $15.03. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $11.50. The average price target is 3.59% above its recent price level and a downside to the estimated low will see the stock lose -26.0% over that period. But an upside of 14.76% will see the stock hit the forecast high price target while median target price for the stock is $15.00.
Insiders at the company have transacted a total of 68 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 1,126,415 shares. Insider sales of the common stock occurred on 23 occasions, with total insider shares sold totaling 378,734 shares.
The top 3 mutual fund holders in First Horizon Corporation are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 17.51 million shares of the company’s stock, all valued at over $224.01 million. The company bought an additional 21160.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 3057.0 shares to see its total holdings expand to 17.23 million shares valued at over $220.43 million and representing 3.08% of the shares outstanding. Vanguard Small Cap Index Fund bought 58316.0 shares to bring its total holdings to over 14.47 million shares at a value of $185.05 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of First Horizon Corporation (NYSE: FHN) opened at $14.04, up $0.04 from a prior closing price of $14.00. However, the script later moved the day high at 14.69, up 3.50%. The company’s stock has a 5-day price change of 0.98% and 38.26% over the past three months. FHN shares are trading 2.33% year to date (YTD), with the 12-month market performance down to -40.86% lower. It has a 12-month low price of $8.99 and touched a high of $24.90 over the same period. FHN has an average intraday trading volume of 8.62 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.49%, 14.76%, and 13.05% respectively.
Institutional ownership of First Horizon Corporation (NYSE: FHN) shares accounts for 77.58% of the company’s 558.77M shares outstanding. Mutual fund holders own 37.35%, while other institutional holders and individual stakeholders account for 40.64% and 2.83% respectively.
It has a market capitalization of $8.10B and a beta (3y monthly) value of 0.96. The stock’s trailing 12-month PE ratio is 8.67, while the earnings-per-share (ttm) stands at $1.67. The company has a PEG of 3.61 and the debt-to-equity ratio at 0.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.85% over the week and 2.78% over the month.
Analysts forecast that First Horizon Corporation (FHN) will achieve an EPS of $0.3 for the current quarter, $0.32 for the next quarter and $1.38 for 2024. The lowest estimate earnings-per-share for the quarter is $0.2 while analysts give the company a high EPS estimate of $0.34. Comparatively, EPS for the current quarter was $0.51 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.94%, and -6.78% over the next financial year. EPS should shrink at an annualized rate of 2.40% over the next five years, compared to 18.67% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate First Horizon Corporation (FHN) as a “Moderate Buy” at a consensus score of 2.25. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 10 of the 16 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FHN, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on December 01, 2023, with the firm’s price target at $14.
