First Horizon Corp
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Intrinsic Value
The intrinsic value of one FHN stock under the Base Case scenario is 22.56 USD. Compared to the current market price of 20.18 USD, First Horizon Corp is Undervalued by 11%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
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First Horizon Corp
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Fundamental Analysis
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First Horizon Corp. stands as a prominent player in the banking sector, primarily serving the southeastern United States. With a foundation that traces back over 150 years, the company has built a reputation for providing a wide array of financial services, including retail banking, commercial banking, and wealth management. Following the strategic acquisition of Capital Bank in 2017, First Horizon has significantly expanded its footprint, enhancing its ability to serve both individual and business clients. The company's focus on community engagement and tailored financial solutions has fostered strong customer loyalty, driving consistent growth and resilience even in fluctuating economic co...
First Horizon Corp. stands as a prominent player in the banking sector, primarily serving the southeastern United States. With a foundation that traces back over 150 years, the company has built a reputation for providing a wide array of financial services, including retail banking, commercial banking, and wealth management. Following the strategic acquisition of Capital Bank in 2017, First Horizon has significantly expanded its footprint, enhancing its ability to serve both individual and business clients. The company's focus on community engagement and tailored financial solutions has fostered strong customer loyalty, driving consistent growth and resilience even in fluctuating economic conditions.
Investors looking toward First Horizon Corp. will find a commitment to sustainable financial practices and a robust growth strategy that prioritizes both profitability and community impact. The bank's prudent risk management and a diversified portfolio have allowed it to maintain solid credit quality, while its emphasis on innovation, particularly in digital banking, positions it well for the future. As interest rates shift and economic landscapes change, First Horizon aims to capitalize on its regional strengths and expertise, potentially offering a stable investment opportunity. With ongoing efforts to enhance shareholder value through dividends and share repurchases, First Horizon Corp. embodies a blend of tradition and forward-thinking, making it an intriguing consideration for investors seeking exposure to the dynamic banking sector.
First Horizon Corp. is a diversified financial services institution primarily operating in the United States. Its core business segments typically include:
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Commercial Banking: This segment provides a range of services to businesses, including loans (commercial, real estate, and industrial), treasury management, and trade finance. It focuses on building long-term relationships with commercial clients and offers tailored solutions to meet their financial needs.
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Consumer Banking: First Horizon offers retail banking services to individual clients, including savings and checking accounts, personal loans, home mortgages, and credit cards. This segment aims to provide a seamless banking experience through digital banking platforms and brick-and-mortar branches.
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Wealth Management: This segment provides investment management services, financial planning, trust services, and estate planning. It caters to high-net-worth individuals and institutions, helping them grow and preserve their wealth.
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Mortgage Banking: First Horizon also operates in the mortgage lending space, providing home loans to consumers. This includes both origination and servicing of mortgage loans, emphasizing exceptional service and competitive rates.
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Investment Banking: While not as prominent, this segment may include advisory services for mergers and acquisitions, capital raising, and other investment banking services tailored to business clients.
Through these segments, First Horizon aims to create value for its clients by offering comprehensive financial solutions while maintaining a strong focus on efficiency, risk management, and customer service. The company’s strategy often includes expanding its geographic footprint and leveraging technological advancements to enhance service delivery.
First Horizon Corp, a regional bank headquartered in Memphis, Tennessee, has several unique competitive advantages that distinguish it from its rivals. Here are some of the key advantages:
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Strong Regional Focus: First Horizon has deep roots in the Southeast and has built strong relationships with local businesses and communities. This regional focus allows it to better understand the local markets and tailor its products and services effectively.
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Diverse Product Offerings: The bank offers a wide range of financial products and services, including commercial banking, consumer banking, wealth management, and capital markets services. This diversification helps stabilize revenue streams and attract a broader customer base.
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Technology Investments: First Horizon has made significant investments in technology and digital banking platforms, which enhances customer experience and operational efficiency. By leveraging technology, the bank can offer competitive digital banking services that appeal to tech-savvy customers.
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Customer-Centric Approach: The bank emphasizes a strong customer service ethic, aiming to provide personalized banking experiences. This approach can lead to increased customer loyalty and retention, distinguishing First Horizon from larger, more impersonal competitors.
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Strong Risk Management Framework: First Horizon has a robust risk management framework that helps mitigate financial and operational risks. This discipline is particularly important in the banking industry and can provide a safety net during economic downturns.
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Strategic Partnerships and Acquisitions: The bank has a history of strategic partnerships and acquisitions, such as the acquisition of Capital Bank in 2017. These moves can enhance market share, broaden customer access, and improve operational capabilities.
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Commitment to Community Involvement: First Horizon engages in community development and philanthropy, which strengthens its brand image and appeal to customers who value socially responsible banking practices. This commitment fosters goodwill and strengthens community ties.
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Talent and Management: The leadership and talent pool within First Horizon can also be seen as an advantage. Strong management practices, experienced staff, and a culture of performance can help the bank navigate challenges effectively and capitalize on opportunities.
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Focus on Sustainable Practices: With a growing emphasis on sustainable business practices, First Horizon’s initiatives in environmental sustainability and community development can attract socially-conscious investors and customers.
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Financial Strength and Stability: Continually demonstrating solid financial performance and stability can create trust among investors and customers, allowing First Horizon to attract deposits and manage lending more effectively.
These competitive advantages enable First Horizon to maintain a strong position in the banking sector, particularly within its target markets. As markets evolve, the ability to adapt and build upon these strengths will be crucial for continued growth and competitiveness.
First Horizon Corp, like many financial institutions, faces a variety of risks and challenges in the near future. Here are some of the key areas to consider:
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Economic Uncertainty: Fluctuations in the economy, such as those induced by interest rate changes or potential recessions, can impact loan demand, credit quality, and profitability.
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Interest Rate Risk: Changes in interest rates can affect the bank's net interest margin. A rising rate environment may increase borrowing costs for consumers, potentially leading to decreased loan demand.
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Regulatory Changes: The banking industry is heavily regulated, and changes in regulations can impact operations, compliance costs, and profit margins. Keeping pace with regulatory changes, such as those related to capital requirements or consumer protection laws, is essential.
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Competitive Pressure: Increased competition from both traditional banks and fintech companies presents challenges in attracting and retaining customers. Innovations in banking technology may also force First Horizon to adapt rapidly.
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Credit Risk: Economic downturns can lead to higher default rates and credit losses. The bank must continuously evaluate its underwriting standards and risk management practices.
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Cybersecurity Threats: With the increasing digitalization of financial services, the risk of cyberattacks has grown. A successful breach could result in significant financial loss and damage to reputation.
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Operational Risks: Operational challenges, including those related to technology, human resources, or financial controls, can disrupt operations and may lead to financial losses.
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Market Volatility: Changes in market conditions can affect investment valuations and income from trading activities, impacting the bank's overall financial performance.
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Reputation Risk: Any negative publicity, whether from regulatory issues, customer service failures, or operational problems, can impact the bank’s reputation and customer trust.
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Geopolitical Risks: Events such as trade wars, political instability, or global economic disruptions can affect domestic economic conditions and, by extension, the performance of the bank.
First Horizon Corp must effectively monitor and manage these risks to maintain its competitive position and ensure long-term stability and profitability. Regular assessments and strategic adaptations will be critical in navigating these challenges.
Balance Sheet Decomposition
First Horizon Corp
Net Loans | 61.6B |
Investments | 14.2B |
PP&E | 572m |
Intangibles | 1.7B |
Other Assets | 4.6B |
Total Deposits | 66.6B |
Short Term Debt | 2.6B |
Long Term Debt | 1.2B |
Other Liabilities | 3.3B |
In the third quarter of 2024, First Horizon posted an adjusted EPS of $0.42, up $0.06 from the previous quarter, marking strong revenue growth driven by solid fixed income performance. Pre-provision net revenue rose by $11 million, leading to a return on tangible common equity of 13.2%. Despite facing challenges from Hurricanes Helene and Milton, the company maintained operational stability, with net charge-offs at just $24 million. For 2024, they expect total revenue to grow between flat to 2% year-over-year, while managing to keep their common equity Tier 1 ratio at 11.2%, above their target of 11%.
What is Earnings Call?
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Price Targets
FHN Price Targets Summary
First Horizon Corp
According to Wall Street analysts, the average 1-year price target for FHN is 19.48 USD with a low forecast of 17.17 USD and a high forecast of 22.05 USD.
Dividends
Current shareholder yield for FHN is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
FHN Insider Trading
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Profile
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Description
First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. The company is headquartered in Memphis, Tennessee and currently employs 7,676 full-time employees. The firm's segments include Regional Banking, Specialty Banking and Corporate. The Regional Banking segment offers financial products and services, including traditional lending and deposit taking, to consumer and commercial clients primarily in the southern United States and other selected markets. This segment also provides investment, wealth management, financial planning, trust and asset management services. The Specialty Banking segment consists of specialty Banking lines of business, which includes asset-based lending, mortgage warehouse lending, commercial real estate, franchise finance, correspondent banking, equipment finance, mortgage, and title insurance. This segment also delivers treasury management solutions, loan syndications, and international banking.
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The intrinsic value of one FHN stock under the Base Case scenario is 22.56 USD.
Compared to the current market price of 20.18 USD, First Horizon Corp is Undervalued by 11%.