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FHN

First Horizon NYSE:FHN Stock Report

Last Price

US$23.11

Market Cap

US$12.4b

7D

-0.1%

1Y

48.2%

Updated

18 Aug, 2022

Data

Company Financials +
FHN fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance2/6
Financial Health6/6
Dividends5/6

FHN Stock Overview

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services.

First Horizon Competitors

Price History & Performance

Summary of all time highs, changes and price drops for First Horizon
Historical stock prices
Current Share PriceUS$23.11
52 Week HighUS$24.24
52 Week LowUS$14.67
Beta1.08
1 Month Change5.29%
3 Month Change4.15%
1 Year Change48.24%
3 Year Change46.73%
5 Year Change34.67%
Change since IPO565.76%

Recent News & Updates

Aug 16

First Horizon sells Lenders Title Group

Lenders Title, a subsidiary of First Horizon (NYSE:FHN), has been acquired by Knox-Precision Holdings. Terms of the deal were not disclosed. Lenders Title is a title insurance agency, operating in Arkansas, Louisiana and Tennessee regions.

Jul 26

First Horizon National declares $0.15 dividend

First Horizon National (NYSE:FHN) declared $0.15/share quarterly dividend, in line with previous. Forward yield 2.69% Payable Oct. 3; for shareholders of record Sept. 9; ex-div Sept. 8. See FHN Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

FHNUS BanksUS Market
7D-0.1%1.6%1.4%
1Y48.2%-7.2%-8.4%

Return vs Industry: FHN exceeded the US Banks industry which returned -8.2% over the past year.

Return vs Market: FHN exceeded the US Market which returned -9% over the past year.

Price Volatility

Is FHN's price volatile compared to industry and market?
FHN volatility
FHN Average Weekly Movement2.5%
Banks Industry Average Movement3.6%
Market Average Movement7.6%
10% most volatile stocks in US Market17.1%
10% least volatile stocks in US Market3.1%

Stable Share Price: FHN is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: FHN's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
18647,500D. Jordanhttps://www.firsthorizon.com

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.

First Horizon Fundamentals Summary

How do First Horizon's earnings and revenue compare to its market cap?
FHN fundamental statistics
Market CapUS$12.40b
Earnings (TTM)US$795.00m
Revenue (TTM)US$3.12b

15.6x

P/E Ratio

1.7x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FHN income statement (TTM)
RevenueUS$3.12b
Cost of RevenueUS$0
Gross ProfitUS$3.12b
Other ExpensesUS$2.33b
EarningsUS$795.00m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 18, 2022

Earnings per share (EPS)1.48
Gross Margin100.00%
Net Profit Margin25.47%
Debt/Equity Ratio48.6%

How did FHN perform over the long term?

See historical performance and comparison

Dividends

2.6%

Current Dividend Yield

41%

Payout Ratio

Does FHN pay a reliable dividends?

See FHN dividend history and benchmarks
When do you need to buy FHN by to receive an upcoming dividend?
First Horizon dividend dates
Ex Dividend DateSep 08 2022
Dividend Pay DateOct 03 2022
Days until Ex dividend19 days
Days until Dividend pay date44 days

Does FHN pay a reliable dividends?

See FHN dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is FHN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FHN?

Other financial metrics that can be useful for relative valuation.

FHN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio1.1x

Price to Earnings Ratio vs Peers

How does FHN's PE Ratio compare to its peers?

FHN PE Ratio vs Peers
The above table shows the PE ratio for FHN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.6x
SBNY Signature Bank
10.9x10.0%US$12.6b
WAL Western Alliance Bancorporation
9.5x16.4%US$9.2b
FCNC.A First Citizens BancShares
18.4x18.5%US$13.5b
EWBC East West Bancorp
11.6x13.3%US$10.9b
FHN First Horizon
15.6x14.8%US$12.4b

Price-To-Earnings vs Peers: FHN is expensive based on its Price-To-Earnings Ratio (15.6x) compared to the peer average (12.6x).


Price to Earnings Ratio vs Industry

How does FHN's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: FHN is expensive based on its Price-To-Earnings Ratio (15.6x) compared to the US Banks industry average (10.1x)


Price to Earnings Ratio vs Fair Ratio

What is FHN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FHN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.6x
Fair PE Ratio16.1x

Price-To-Earnings vs Fair Ratio: FHN is good value based on its Price-To-Earnings Ratio (15.6x) compared to the estimated Fair Price-To-Earnings Ratio (16.1x).


Share Price vs Fair Value

What is the Fair Price of FHN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FHN ($23.11) is trading below our estimate of fair value ($43.2)

Significantly Below Fair Value: FHN is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is First Horizon forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


14.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FHN's forecast earnings growth (14.8% per year) is above the savings rate (1.9%).

Earnings vs Market: FHN's earnings (14.8% per year) are forecast to grow faster than the US market (14.4% per year).

High Growth Earnings: FHN's earnings are forecast to grow, but not significantly.

Revenue vs Market: FHN's revenue (7.8% per year) is forecast to grow slower than the US market (7.8% per year).

High Growth Revenue: FHN's revenue (7.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FHN's Return on Equity is forecast to be low in 3 years time (12.7%).


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Past Performance

How has First Horizon performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


30.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FHN has high quality earnings.

Growing Profit Margin: FHN's current net profit margins (25.5%) are lower than last year (38.7%).


Past Earnings Growth Analysis

Earnings Trend: FHN's earnings have grown significantly by 30.5% per year over the past 5 years.

Accelerating Growth: FHN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FHN had negative earnings growth (-37.7%) over the past year, making it difficult to compare to the Banks industry average (8.8%).


Return on Equity

High ROE: FHN's Return on Equity (9.8%) is considered low.


Discover strong past performing companies

Financial Health

How is First Horizon's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FHN's Assets to Equity ratio (10x) is low.

Allowance for Bad Loans: FHN has a sufficient allowance for bad loans (203%).

Low Risk Liabilities: 92% of FHN's liabilities are made up of primarily low risk sources of funding.

Loan Level: FHN has an appropriate level of Loans to Assets ratio (66%).

Low Risk Deposits: FHN's Loans to Deposits ratio (79%) is appropriate.

Level of Bad Loans: FHN has an appropriate level of bad loans (0.5%).


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Dividend

What is First Horizon current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


2.60%

Current Dividend Yield

Upcoming Dividend Payment

TodayAug 19 2022Ex Dividend DateSep 08 2022Dividend Pay DateOct 03 202225 days from Ex DividendBuy in the next 19 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: FHN's dividend (2.6%) is higher than the bottom 25% of dividend payers in the US market (1.48%).

High Dividend: FHN's dividend (2.6%) is low compared to the top 25% of dividend payers in the US market (3.99%).


Stability and Growth of Payments

Stable Dividend: FHN's dividends per share have been stable in the past 10 years.

Growing Dividend: FHN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (40.6%), FHN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FHN's dividends in 3 years are forecast to be well covered by earnings (31.8% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.1yrs

Average management tenure


CEO

D. Jordan (60 yo)

13.92yrs

Tenure

US$8,414,496

Compensation

Mr. D. Bryan Jordan has been Director of First Union Horizon Corporation (“First Horizon”) since 2008 and has been its Chief Executive Officer since September 2008. He served as President of First Horizon...


CEO Compensation Analysis

Compensation vs Market: D.'s total compensation ($USD8.41M) is below average for companies of similar size in the US market ($USD12.88M).

Compensation vs Earnings: D.'s compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: FHN's management team is considered experienced (2.1 years average tenure).


Board Members

Experienced Board: FHN's board of directors are considered experienced (7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Horizon Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: First Horizon Corporation
  • Ticker: FHN
  • Exchange: NYSE
  • Founded: 1864
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$12.401b
  • Shares outstanding: 536.61m
  • Website: https://www.firsthorizon.com

Number of Employees


Location

  • First Horizon Corporation
  • 165 Madison Avenue
  • 23th floor
  • Memphis
  • Tennessee
  • 38103
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/18 00:00
End of Day Share Price2022/08/18 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.