First Horizon Corporation [FHN] is -28.20% lower this YTD. Is it still time to buy?

First Horizon Corporation [NYSE: FHN] loss -3.98% on the last trading session, reaching $17.59 price per share at the time. The company report on April 25, 2023 at 6:42 PM that First Horizon Announces CME Term SOFR as Benchmark Replacement Rate for Certain Outstanding USD LIBOR Securities After June 30, 2023.

First Horizon Corporation (NYSE: FHN or “First Horizon”) today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term SOFR as the reference rate used in certain outstanding securities issued by FHN or its affiliates.

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On March 5, 2021, the U.K.’s Financial Conduct Authority announced that all tenors of USD LIBOR would cease publication or no longer be representative after June 30, 2023. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law to address “tough legacy contracts,” including those with certain fallback language provisions, and provided that LIBOR will transition to a replacement benchmark based on the Secured Overnight Financing Rate (“SOFR”), plus a spread adjustment, in such covered contracts. Subsequently, the Federal Reserve Board (the “Board”) adopted Regulation ZZ that identified CME Term SOFR, a forward term rate based on SOFR administered by CME Group Benchmark Administration, Ltd., plus a spread adjustment, as the replacement rate for securities for any interest rate calculations after June 30, 2023.

First Horizon Corporation represents 536.29 million in outstanding shares, while the company has a total market value of $9.57 billion with the latest information. FHN stock price has been found in the range of $17.58 to $18.29.

If compared to the average trading volume of 8.11M shares, FHN reached a trading volume of 4683846 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $23.00 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 2.60. 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.

Wells Fargo have made an estimate for First Horizon Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on March 24, 2023. While these analysts kept the previous recommendation, Wedbush raised their target price to Outperform. The new note on the price target was released on February 23, 2022, representing the official price target for First Horizon Corporation stock. Previously, the target price had yet another drop from $20 to $19, while Raymond James kept a Outperform rating on FHN stock. On September 08, 2021, analysts decreased their price target for FHN shares from 20 to 17.

The Average True Range (ATR) for First Horizon Corporation is set at 0.65, with the Price to Sales ratio for FHN stock in the period of the last 12 months amounting to 3.09. The Price to Book ratio for the last quarter was 1.30, with the Price to Cash per share for the same quarter was set at 7.91. Price to Free Cash Flow for FHN in the course of the last twelve months was 4.54.

Trading performance analysis for FHN stock

First Horizon Corporation [FHN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.14. With this latest performance, FHN shares gained by 4.95% in over the last four-week period, additionally sinking by -27.28% over the last 6 months – not to mention a drop of -23.15% 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 41.22, with the RSI for the last a single of trading hit 39.65, and the three-weeks RSI is set at 39.83 for First Horizon Corporation [FHN]. The present Moving Average for the last 50 days of trading for this stock 19.54, while it was recorded at 18.24 for the last single week of trading, and 22.69 for the last 200 days.

First Horizon Corporation [FHN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and First Horizon Corporation [FHN] shares currently have an operating margin of +32.87. First Horizon Corporation’s Net Margin is presently recorded at +26.11.

Return on Total Capital for FHN is now 8.85, given the latest momentum, and Return on Invested Capital for the company is 8.83. Return on Equity for this stock inclined to 10.94, with Return on Assets sitting at 1.07. When it comes to the capital structure of this company, First Horizon Corporation [FHN] has a Total Debt to Total Equity ratio set at 54.22. Additionally, FHN Total Debt to Total Capital is recorded at 35.16, with Total Debt to Total Assets ending up at 5.67. Long-Term Debt to Equity for the company is recorded at 27.19, with the Long-Term Debt to Total Capital now at 15.46.

Reflecting on the efficiency of the workforce at the company, First Horizon Corporation [FHN] managed to generate an average of $119,332 per employee.

First Horizon Corporation [FHN]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at First Horizon Corporation [FHN]

There are presently around $7,760 million, or 80.20% of FHN stock, in the hands of institutional investors. The top three institutional holders of FHN stocks are: BLACKROCK INC. with ownership of 75,686,563, which is approximately 35.483% of the company’s market cap and around 0.40% of the total institutional ownership; VANGUARD GROUP INC, holding 53,990,345 shares of the stock with an approximate value of $989.1 million in FHN stocks shares; and STATE STREET CORP, currently with $369.97 million in FHN stock with ownership of nearly 8.841% of the company’s market capitalization.

Positions in First Horizon Corporation stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 288 institutional holders increased their position in First Horizon Corporation [NYSE:FHN] by around 71,110,254 shares. Additionally, 286 investors decreased positions by around 68,934,637 shares, while 99 investors held positions by with 283,551,424 shares. The mentioned changes placed institutional holdings at 423,596,315 shares, according to the latest SEC report filing. FHN stock had 94 new institutional investments in for a total of 24,389,802 shares, while 70 institutional investors sold positions of 9,593,775 shares during the same period.


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