First Horizon (NYSE:FHN) National Corporation (FHN) stock has reached a 52-week high, touching $17.77, marking a significant milestone for the regional bank. This peak reflects a robust growth trajectory over the past year, with the stock witnessing an impressive 64.47% change. Investors have shown increased confidence in First Horizon's financial performance and strategic initiatives, which have contributed to the company's strong market position and its ability to achieve this level of growth amidst a dynamic economic environment.
In other recent news, First Horizon Corporation has been the focus of several financial analysts following its recent third-quarter results. Baird, RBC Capital Markets, Stephens, and Citi have all adjusted their financial outlooks for the company, raising their respective price targets and maintaining positive ratings. First Horizon's third-quarter earnings per share (EPS) of $0.42 exceeded expectations, largely due to stronger fee income and better-than-expected credit performance. The company's net charge-offs were significantly lower than the consensus estimate, and despite challenges from recent weather events, the company demonstrated strong execution.
First Horizon's revenue outlook remains steady, with analysts suggesting potential growth in fee income. The company also reported strong third-quarter results with a pre-provision net revenue increase of $11 million. Analysts from RBC Capital Markets, Stephens, and Citi highlighted First Horizon's ability to offset pressures on net interest income with strong fee income and fixed-income trading activities. They also noted the company's effective control over core expenses and favorable credit metrics.
Looking ahead, First Horizon anticipates ongoing margin challenges but expects a modest positive trend in revenue projections, buoyed by fee-based income momentum. The company's management is also preparing for the company to cross the $100 billion asset threshold while maintaining an 11% Common equity Tier 1 (CET1) ratio, a key measure of financial strength. Despite robust deposit growth driven by nearly $1 billion in client acquisition, the bank acknowledges that loan growth remains muted due to market factors. These are among the recent developments at First Horizon Corporation.
InvestingPro Insights
First Horizon National Corporation's (FHN) recent achievement of a 52-week high is further supported by data from InvestingPro. The stock's impressive performance is reflected in its 68.52% total return over the past year, aligning closely with the article's reported 64.47% change. Currently trading at 97.79% of its 52-week high, FHN's momentum remains strong.
InvestingPro data reveals a P/E ratio of 12.53, suggesting the stock may still be reasonably valued despite its recent gains. The company's dividend yield of 3.47% adds to its appeal for income-focused investors. Moreover, First Horizon has maintained dividend payments for 14 consecutive years, as highlighted by an InvestingPro Tip, demonstrating a commitment to shareholder returns.
Another InvestingPro Tip indicates that 7 analysts have revised their earnings upwards for the upcoming period, potentially signaling positive expectations for the company's future performance. This aligns with the article's mention of increased investor confidence in First Horizon's financial performance and strategic initiatives.
For investors seeking a deeper understanding of First Horizon's prospects, InvestingPro offers 5 additional tips that could provide valuable insights into the company's financial health and market position.
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