First Horizon Corporation [NYSE: FHN] price plunged by -2.02 percent to reach at -$0.46. The company report on May 31, 2022 that First Horizon Corporation Shareholders Approve Transaction with The Toronto-Dominion Bank.
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First Horizon Corporation (NYSE: FHN or “First Horizon”) today announced that it has received shareholder approval for The Toronto-Dominion Bank (“TD”) to acquire First Horizon. The transaction is expected to close in the first quarter of TD’s 2023 fiscal year subject to U.S. and Canadian regulatory approvals and the completion of other necessary closing conditions.
“Approval of the transaction demonstrates the confidence our shareholders have in the financial and strategic benefits of the transaction and the value it provides our associates, clients and communities,” said President and Chief Executive Officer Bryan Jordan. “Following the completion of the transaction, the combined organization will have immediate scale benefits and be well positioned to create extraordinary value with a shared customer-centric strategy and broader client capabilities.”.
A sum of 3091367 shares traded at recent session while its average daily volume was at 6.69M shares. First Horizon Corporation shares reached a high of $22.74 and dropped to a low of $22.32 until finishing in the latest session at $22.33.
The one-year FHN stock forecast points to a potential upside of 10.68. The average equity rating for FHN stock is currently 2.80, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on First Horizon Corporation [FHN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FHN shares is $25.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FHN stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wedbush have made an estimate for First Horizon Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on February 23, 2022. While these analysts kept the previous recommendation, Raymond James dropped their target price from $20 to $19. The new note on the price target was released on October 07, 2021, representing the official price target for First Horizon Corporation stock. Previously, the target price had yet another drop from $20 to $17, while UBS kept a Neutral rating on FHN stock.
The Average True Range (ATR) for First Horizon Corporation is set at 0.42, with the Price to Sales ratio for FHN stock in the period of the last 12 months amounting to 5.68. The Price to Book ratio for the last quarter was 1.61, with the Price to Cash per share for the same quarter was set at 32.00.
FHN Stock Performance Analysis:
First Horizon Corporation [FHN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.79. With this latest performance, FHN shares gained by 2.24% in over the last four-week period, additionally plugging by 33.31% over the last 6 months – not to mention a rise of 22.36% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FHN stock in for the last two-week period is set at 45.27, with the RSI for the last a single of trading hit 41.42, and the three-weeks RSI is set at 47.66 for First Horizon Corporation [FHN]. The present Moving Average for the last 50 days of trading for this stock 22.73, while it was recorded at 22.72 for the last single week of trading, and 19.02 for the last 200 days.
FHN Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FHN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for First Horizon Corporation go to 9.50%.
First Horizon Corporation [FHN] Insider Position Details
There are presently around $9,907 million, or 83.00% of FHN stock, in the hands of institutional investors. The top three institutional holders of FHN stocks are: BLACKROCK INC. with ownership of 55,531,594, which is approximately -9.768% of the company’s market cap and around 1.30% of the total institutional ownership; VANGUARD GROUP INC, holding 51,359,394 shares of the stock with an approximate value of $1.17 billion in FHN stocks shares; and STATE STREET CORP, currently with $438.73 million in FHN stock with ownership of nearly -15.393% of the company’s market capitalization.
Positions in First Horizon Corporation stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 296 institutional holders increased their position in First Horizon Corporation [NYSE:FHN] by around 119,979,350 shares. Additionally, 291 investors decreased positions by around 116,897,070 shares, while 95 investors held positions by with 197,852,476 shares. The mentioned changes placed institutional holdings at 434,728,896 shares, according to the latest SEC report filing. FHN stock had 143 new institutional investments in for a total of 65,937,005 shares, while 95 institutional investors sold positions of 14,898,245 shares during the same period.