Wedbush slashes price target on First Horizon Corporation [FHN] – find out why.

First Horizon Corporation [NYSE: FHN] closed the trading session at $23.95 on 10/17/22. The day’s price range saw the stock hit a low of $23.87, while the highest price level was $24.23. The company report on October 6, 2022 that First Horizon Foundation Commits $500,000 to Affected Communities.


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First Horizon Announces Hurricane Relief Efforts.

First Horizon Foundation announced today its pledge of $500,000 to help communities impacted by Hurricane Ian. These funds will be distributed to nonprofit organizations which will address the needs of affected areas.  Applications for funding to 501c-3 organizations can be submitted online at https://firsthorizonfoundation.com/IanRelief.

The stocks have a year to date performance of 46.66 percent and weekly performance of 3.77 percent. The stock has been moved at 3.68 percent over the last six months. The stock has performed 2.66 percent around the most recent 30 days and changed 9.11 percent over the most recent 3-months.

If compared to the average trading volume of 3.13M shares, FHN reached to a volume of 7469381 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about 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 $24.86 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 0.30, with the Price to Sales ratio for FHN stock in the period of the last 12 months amounting to 5.87. The Price to Book ratio for the last quarter was 1.77, with the Price to Cash per share for the same quarter was set at 24.04. Price to Free Cash Flow for FHN in the course of the last twelve months was 14.55.

FHN stock trade performance evaluation

First Horizon Corporation [FHN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.77. With this latest performance, FHN shares gained by 2.66% in over the last four-week period, additionally plugging by 3.68% over the last 6 months – not to mention a rise of 42.56% 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 68.80, with the RSI for the last a single of trading hit 76.05, and the three-weeks RSI is set at 64.64 for First Horizon Corporation [FHN]. The present Moving Average for the last 50 days of trading for this stock 23.13, while it was recorded at 23.51 for the last single week of trading, and 21.78 for the last 200 days.

Earnings per share (EPS) analysis for First Horizon Corporation [FHN] stock

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 Ownership positions

There are presently around $10,555 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 56,077,591, which is approximately 0.983% of the company’s market cap and around 1.20% of the total institutional ownership; VANGUARD GROUP INC, holding 52,190,941 shares of the stock with an approximate value of $1.25 billion in FHN stocks shares; and BARCLAYS PLC, currently with $431.27 million in FHN stock with ownership of nearly 26.492% of the company’s market capitalization.

253 institutional holders increased their position in First Horizon Corporation [NYSE:FHN] by around 56,429,466 shares. Additionally, 274 investors decreased positions by around 50,354,466 shares, while 108 investors held positions by with 333,917,274 shares. The mentioned changes placed institutional holdings at 440,701,206 shares, according to the latest SEC report filing. FHN stock had 61 new institutional investments in for a total of 11,627,325 shares, while 77 institutional investors sold positions of 9,723,717 shares during the same period.

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