First Horizon stock hits 52-week high at $19.07 amid robust growth

First Horizon (NYSE:FHN) National Corporation (FHN) stock has reached a new 52-week high, touching $19.07, signaling a period of strong performance for the regional bank. This milestone reflects a significant uptrend in the company's market valuation, underpinned by a remarkable 1-year change of 67.54%. Investors have shown increased confidence in First Horizon's strategic initiatives and financial health, as evidenced by the stock's impressive climb from its lower levels a year ago. The bank's ability to navigate the complex financial landscape and deliver value to shareholders is encapsulated in this latest peak, marking a period of robust growth and optimism for the future.

In other recent news, First Horizon National Corporation reported robust third-quarter earnings, surpassing expectations with an adjusted earnings per share (EPS) of $0.42, a $0.06 increase from the previous quarter. This strong performance prompted Baird, RBC Capital Markets, Stephens, and Citi to raise their price targets for the company while maintaining their respective ratings. Analysts from these firms highlighted First Horizon's ability to offset pressures on net interest income with strong fee income and fixed-income trading activities.

First Horizon's net charge-offs were significantly lower than the consensus estimate, with most of the reserve build during the quarter associated with recent weather events. Despite these challenges, the company demonstrated solid execution and strategic buybacks. Looking ahead, the company anticipates ongoing margin challenges but expects a modest positive trend in revenue projections, buoyed by fee-based income momentum.

Additionally, First Horizon's management is 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 the recent developments at First Horizon Corporation.

InvestingPro Insights

First Horizon National Corporation's (FHN) recent achievement of a new 52-week high is further supported by InvestingPro data and insights. The stock's strong performance is reflected in its impressive 55.16% total return over the past year, aligning with the article's mention of a 67.54% 1-year change. This upward trajectory is also evident in the stock's 3-month total return of 18.48%, indicating sustained momentum.

InvestingPro Tips highlight that FHN is trading near its 52-week high, corroborating the article's main focus. Additionally, the company has maintained dividend payments for 14 consecutive years, showcasing its commitment to shareholder returns. This is particularly relevant given the current dividend yield of 3.48%, which may be attractive to income-focused investors.

The company's P/E ratio of 12.42 suggests that the stock may still be reasonably valued despite its recent gains. This, combined with the fact that 7 analysts have revised their earnings upwards for the upcoming period, indicates potential for further growth.

For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for First Horizon National Corporation, providing a deeper understanding of the company's financial position and market outlook.

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