Stock of the Day

May 24, 2021

First Horizon (FHN)

$22.85
+$0.18 (+0.8%)
Market Cap: $10.74B

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments. The company also accepts deposits; provides underwriting services for bank-eligible securities and other fixed-income securities by financial subsidiaries; sells loans and derivatives; financial planning; and offers investment and financial advisory services. In addition, it offers mortgage banking; loan syndications; brokerage services; commercial and business banking for business enterprises, consumer banking, and private client and wealth management services; capital markets, professional commercial real estate, mortgage warehouse and asset-based lending, franchise and equipment finance, tax credit finance, energy and healthcare finance, asset management, and corporate and correspondent banking services. Further, the company provides transaction processing services including check clearing services and remittance processing, credit cards, investment, and sale of mutual fund and retail insurances, as well as trust, fiduciary, and agency services. First Horizon Corporation was founded in 1864 and is headquartered in Memphis, Tennessee.

Today's Trend

First Horizon Corporation (NYSE: FHN) shares increased modestly as investors weighed a better-than-expected operating earnings result against a sizable reported net loss and major balance-sheet changes.

  • First Horizon reported third-quarter adjusted earnings of $0.53 per share, up from $0.51 a year ago and slightly ahead of the approximately $0.52 consensus estimate. The result suggests underlying earnings remained resilient despite the quarter’s restructuring activity. First Horizon earnings report
  • Management announced strategic balance-sheet changes, including the sale or repositioning of roughly $4.5 billion of mortgage-related loans. The move is intended to improve the company’s earnings profile, support future growth and reduce exposure to a lower-return loan category. First Horizon third-quarter results and balance-sheet changes
  • The quarter was mixed: revenue of $883 million fell short of the $889.15 million analyst estimate, while return on equity was 12.06% and net margin was 21.12%. Analysts and investors will focus on whether loan repositioning produces stronger returns over time. First Horizon loan repositioning and mixed third quarter
  • First Horizon posted a third-quarter net loss attributable to common shareholders of $94 million, or $0.20 per share, largely reflecting costs and losses associated with the mortgage portfolio transaction. Reports characterized the sale as a painful near-term event, with the full payoff benefits expected later rather than immediately. First Horizon net loss and mortgage portfolio sale
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