JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
First Horizon (NYSE:FHN) National Corporation (FHN) stock has reached a new 52-week high, trading at $17.46. This milestone reflects a significant period of growth for the regional bank, which has seen its stock value surge by 59.89% over the past year. Investors have shown increased confidence in First Horizon's financial performance and strategic initiatives, propelling the stock to this new high. The company's robust year-over-year growth is a testament to its resilience and adaptability in a dynamic banking environment.
In other recent news, First Horizon Corporation disclosed its third-quarter earnings, surpassing analyst expectations. This was largely attributed to the strong performance in its counter-cyclical businesses. The regional bank posted adjusted earnings per share of $0.42, outpacing the analyst consensus estimate of $0.37. Revenue for the quarter was reported at $828 million, also surpassing the consensus forecast of $821.37 million.
Net income available to common shareholders rose to $213 million, up from $184 million in the previous quarter. Adjusted net income, excluding notable items, was reported at $224 million. The company's return on average tangible common equity (ROTCE) for the quarter was 12.6%, with an adjusted ROTCE of 13.2%.
CEO Bryan Jordan attributed the 18% growth in earnings per share to the strong performance from their counter-cyclical businesses and the company's focus on deepening client relationships. The company concluded the quarter with $82.6 billion in total assets as of September 30, 2024. These are among the recent developments for First Horizon Corporation.
InvestingPro Insights
First Horizon's recent stock performance aligns with several key financial metrics and insights from InvestingPro. The company's P/E ratio of 13.85 suggests a relatively attractive valuation compared to industry peers. This, coupled with a dividend yield of 3.59%, makes FHN an interesting proposition for income-focused investors.
InvestingPro Tips highlight that First Horizon has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. Additionally, the company's high return over the last year is reflected in its impressive 64.09% one-year price total return.
For investors seeking more comprehensive analysis, InvestingPro offers 5 additional tips that could provide deeper insights into First Horizon's financial health and future prospects.
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