Market Analysts see First Horizon Corporation [FHN] gaining to $18. Time to buy?

First Horizon Corporation [NYSE: FHN] traded at a low on Monday, posting a -2.86 loss after which it closed the day’ session at $14.96. The company report on April 1, 2024 at 6:45 AM that First Horizon Corporation Announces Redemption of Series D Preferred Stock and Corresponding Series D Depositary Shares.

First Horizon Corporation (NYSE: FHN) today announced that on May 1, 2024 (the “Redemption Date”), it will redeem all outstanding shares of its 6.10% Fixed to Floating Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”), and all related outstanding depositary shares, each representing a 1/400th interest in a share of the Series D Preferred Stock (“the Series D Depositary Shares”) (NYSE: FHN PRD). After the redemptions, no shares of Series D Preferred Stock, and no Series D Depositary Shares, will remain outstanding.

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The redemption price will be $25.00 per Series D Depository Share, corresponding to $10,000 per share of Series D Preferred Stock. Accrued dividends will not be included in either redemption price because the Redemption Date is also a dividend payment date. The regular Series D semi-annual dividend, which was declared in January, will be paid separately in the customary manner on May 1, 2024 to shareholders of record at the close of business on April 16, 2024.

The results of the trading session contributed to over 7817950 shares changing hands. Over the past one week, the price volatility of First Horizon Corporation stands at 2.51% while the volatility over the past one month is 2.52%.

The market cap for FHN stock reached $8.30 billion, with 558.84 million shares outstanding and 546.05 million shares in the current float. Compared to the average trading volume of 7.55M shares, FHN reached a trading volume of 7817950 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $16.41 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 2.12. 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.

Barclays have made an estimate for First Horizon Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on March 08, 2024. While these analysts kept the previous recommendation, UBS raised their target price from $15.50 to $16. The new note on the price target was released on January 24, 2024, representing the official price target for First Horizon Corporation stock. Previously, the target price had yet another raise to $14, while Citigroup analysts kept a Buy rating on FHN stock. On November 03, 2023, analysts increased their price target for FHN shares from 12 to 14.

The Average True Range (ATR) for First Horizon Corporation is set at 0.37, with the Price to Sales ratio for FHN stock in the period of the last 12 months amounting to 1.74. The Price to Book ratio for the last quarter was 0.99. Price to Free Cash Flow for FHN in the course of the last twelve months was 6.86.

How has FHN stock performed recently?

First Horizon Corporation [FHN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.07. With this latest performance, FHN shares gained by 6.10% in over the last four-week period, additionally plugging by 36.12% over the last 6 months – not to mention a drop of -14.76% 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 53.77, with the RSI for the last a single of trading hit 51.22, and the three-weeks RSI is set at 54.85 for First Horizon Corporation [FHN]. The present Moving Average for the last 50 days of trading for this stock 14.45, while it was recorded at 15.06 for the last single week of trading, and 12.83 for the last 200 days.

First Horizon Corporation [FHN]: Deeper insight into the fundamentals

First Horizon Corporation’s liquidity data is similarly interesting compelling, with a Current Ratio set at 0.23.

Earnings analysis for First Horizon Corporation [FHN]

With the latest financial reports released by the company, First Horizon Corporation posted 0.45/share EPS, while the average EPS was predicted by analysts to be reported at 0.47/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -4.30%. 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 2.40%.

Insider trade positions for First Horizon Corporation [FHN]

The top three institutional holders of FHN stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in FHN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in FHN stock with ownership which is approximately 5.8386%.