First Horizon Corporation
- Open
- 25.80
- Day high
- 25.80
- Day low
- 25.20
- Prev close
- 25.47
- Volume
- 694K
- Mkt cap
- $12.1B
- P/E (TTM)
- 12.1
- EPS (TTM)
- $2.11
- P/B
- 1.3
- P/S
- 2.6
- Yield
- 2.51%
- Per share
- $0.64
First Horizon Corporation (FHN) is a Financial Services company listed on NYSE. The stock is up 14% over the past year.
First Horizon Corporation (FHN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FHN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 15, 2026 | $0.52 | $0.54 | +3.8% | $887M | +1.0% |
| Apr 15, 2026 | $0.49 | $0.53 | +8.2% | $864M | -0.6% |
| Feb 26, 2026 | — | $0.53 | — | $1.3B | — |
| Oct 15, 2025 | $0.45 | $0.51 | +14.5% | $865M | +2.1% |
| Jul 16, 2025 | $0.42 | $0.45 | +8.3% | $807M | -3.0% |
| Apr 16, 2025 | $0.40 | $0.42 | +5.3% | $789M | -4.2% |
| Feb 27, 2025 | — | $0.31 | — | $1.1B | — |
| Oct 16, 2024 | $0.38 | $0.42 | +10.5% | $802M | -2.4% |
| Jul 17, 2024 | $0.37 | $0.36 | -2.7% | $792M | -3.7% |
| Apr 17, 2024 | $0.34 | $0.35 | +2.9% | $798M | -1.4% |
| Mar 6, 2024 | $0.30 | $0.32 | +6.7% | $1.2B | — |
| Oct 18, 2023 | $0.24 | $0.27 | +12.5% | $757M | -4.8% |
FHN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | JORDAN D BRYANdirector, officer: Chairman, President & CEO | Tax | 46,272 | $23.90 |
| May 14, 2026 | ARDOIN ELIZABETH Aofficer: SEVP, Chief Communications Ofc | Tax | 9,879 | $23.90 |
| May 14, 2026 | Hart Tanya Lofficer: SEVP & Chief Human Rsrce Ofcr | Tax | 4,907 | $23.90 |
| May 14, 2026 | Argo Ashley Wofficer: Sr EVP, Chief Risk Officer | Tax | 406 | $23.90 |
| May 14, 2026 | Fleming Jeff L.officer: EVP & Chief Accounting Officer | Tax | 737 | $23.90 |
| May 14, 2026 | Fleming Jeff L.officer: EVP & Chief Accounting Officer | Tax | 980 | $23.90 |
| May 14, 2026 | Hung Thomasofficer: Sr EVP & Chief Credit Officer | Tax | 408 | $23.90 |
| May 14, 2026 | LoCascio Tammyofficer: SEVP, Chief Operating Officer | Tax | 14,175 | $23.90 |
| May 14, 2026 | Hart Tanya Lofficer: SEVP & Chief Human Rsrce Ofcr | Tax | 2,448 | $23.90 |
| May 14, 2026 | Restel Anthony Jofficer: SEVP, Chief Banking Officer | Tax | 17,628 | $23.90 |
| May 14, 2026 | Argo Ashley Wofficer: Sr EVP, Chief Risk Officer | Tax | 599 | $23.90 |
| May 14, 2026 | Dmuchowski Hopeofficer: Sr. EVP & CFO | Tax | 9,814 | $23.90 |
| May 14, 2026 | Hung Thomasofficer: Sr EVP & Chief Credit Officer | Tax | 360 | $23.90 |
| May 6, 2026 | Carboni Veliadirector | Grant | 5,913 | — |
| May 6, 2026 | Davidson Wendy Pdirector | Grant | 5,913 | — |
Source: FHN SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full FHN insider & 13F page →First Horizon Corporation company profile
Overview
First Horizon Corporation (NYSE:FHN) is a regional bank holding company founded in 1864 and headquartered in Memphis, Tennessee. Originally known as First Horizon National Corporation until 2020, the company has grown from a local Tennessee bank into a significant regional financial institution operating across 22 states. First Horizon went public in 1980 and has evolved through various acquisitions and strategic initiatives to become one of the larger regional banks in the Southeastern United States, with approximately $82 billion in total assets as of 2024.
Business
First Horizon Corporation operates as a bank holding company primarily through its subsidiary First Horizon Bank, providing comprehensive financial services across three main business segments. The company functions within the regional banking industry, which serves as an intermediary between large national banks and smaller community banks, typically focusing on specific geographic regions while offering a full suite of banking products. **Regional Banking** represents the core business segment, generating the majority of revenue through traditional banking services. This includes consumer banking products such as checking and savings accounts, mortgages, personal loans, and credit cards, as well as commercial banking services including business loans, treasury management, and cash management solutions for small to medium-sized businesses. **Specialty Banking** focuses on niche financial services that leverage the bank's expertise in specific areas. This segment includes mortgage warehouse lending (providing short-term financing to mortgage originators), fixed-income securities trading (buying and selling bonds and other debt instruments for institutional clients), and correspondent banking services (providing banking services to other smaller financial institutions). The specialty banking division also encompasses equipment financing and investment advisory services. **Corporate segment** handles the bank's treasury functions, asset-liability management, and other centralized corporate activities. This includes managing the bank's securities portfolio, funding operations, and capital allocation decisions. The company operates approximately 500 banking offices under the First Horizon Bank brand across 22 states and 400 banking centers under the FHN Financial brand in 12 states. While specific revenue breakdowns by segment aren't consistently disclosed, the Regional Banking segment typically generates the largest portion of net interest income, while Specialty Banking contributes significantly to fee-based revenue streams.
Revenue model
First Horizon generates revenue through two primary channels: net interest income and non-interest fee income. Net interest income, which represents the largest revenue component, comes from the fundamental banking practice of borrowing money at lower rates (through customer deposits) and lending it at higher rates (through loans and mortgages). The bank pays interest to depositors while earning higher interest rates on loans, mortgages, and securities investments, with the difference constituting the net interest margin. Fee-based revenue streams include mortgage banking fees, investment advisory fees, trust and fiduciary services, treasury management fees, fixed-income trading revenues, and various transaction-based charges. The specialty banking segment particularly contributes through mortgage warehouse lending fees, correspondent banking services, and securities trading profits. The bank's primary customers include individual consumers seeking personal banking services, small to medium-sized businesses requiring commercial banking solutions, and institutional clients utilizing specialty services like correspondent banking and fixed-income trading. Mortgage warehouse lending serves mortgage origination companies, while the fixed-income business caters to institutional investors and other financial institutions. Several factors significantly impact First Horizon's profitability margins. Interest rate environment represents the most critical factor - rising rates generally benefit net interest margins as loan yields increase faster than deposit costs, while falling rates can compress margins. Deposit competition from other banks and money market funds can increase funding costs, particularly during periods of rising rates. Credit quality directly affects profitability through loan loss provisions - economic downturns or specific sector stress (like commercial real estate) can increase credit costs. Regulatory requirements impose capital and liquidity constraints that can limit profitable asset growth, while compliance costs continue to rise. Technology investments represent both a cost pressure and efficiency opportunity, as digital banking capabilities become increasingly important for customer retention and operational efficiency.
Competitive moat
First Horizon's competitive moat is moderate but not particularly strong in the highly competitive regional banking landscape. The company's primary defensive characteristics include its established customer relationships built over 160 years of operation, particularly in its core Southeastern markets where it maintains significant market share and brand recognition. The bank's specialty banking capabilities, especially in mortgage warehouse lending and fixed-income trading, provide some differentiation from typical regional banks and generate higher-margin fee income. The company's deposit franchise represents its most valuable moat component, as customer relationships in banking tend to be sticky due to switching costs and established financial habits. First Horizon's broad geographic footprint across 22 states provides diversification benefits and reduces concentration risk compared to smaller regional banks. However, the banking industry faces significant competitive pressures that limit moat strength. Large national banks possess substantial advantages in technology spending, product breadth, and pricing power, while fintech companies increasingly compete for specific banking services with superior digital experiences. Credit unions and online banks often offer more attractive deposit rates, pressuring traditional banks' funding costs. The commoditized nature of basic banking services means that differentiation primarily comes through customer service, convenience, and relationship management rather than unique products. First Horizon's position near the $100 billion asset threshold presents both opportunities and challenges. Crossing this regulatory boundary would subject the company to enhanced supervision and stress testing requirements, increasing compliance costs but potentially providing competitive advantages through enhanced regulatory credibility. The bank's cautious approach to this threshold reflects management's awareness of both the costs and benefits involved.
Risks & safety
First Horizon demonstrates a **moderate margin of safety** with solid fundamentals but typical regional bank risks. **Liquidity and Solvency:** - Strong cash position of $2.4 billion and liquid assets - Common Equity Tier 1 (CET1) ratio of 11.2%, well above regulatory minimums - Debt-to-equity ratio of 25%, indicating conservative leverage - No immediate solvency concerns with strong capital ratios **Valuation Metrics:** - Price-to-earnings ratio of 16.0x, reasonable for regional banks - Price-to-book ratio of 1.21x, near tangible book value - Return on equity of 8.8% for 2024, solid but not exceptional - Trading below historical averages following recent banking sector stress **Other Considerations:** - Asset quality remains strong with net charge-offs at only 8 basis points - Allowance for credit losses at 1.43% provides adequate cushion - Interest rate sensitivity creates margin volatility risk - Approaching $100 billion asset threshold increases regulatory complexity
Recent development
Over the past few years, First Horizon has executed several strategic initiatives focused on operational efficiency, technology modernization, and capital optimization. The company completed significant technology infrastructure investments, including implementing a new general ledger system and enhanced treasury management capabilities, positioning the bank for improved operational efficiency and regulatory compliance as it approaches the $100 billion asset threshold. **Capital Management Strategy:** First Horizon has aggressively returned capital to shareholders, repurchasing over $930 million in stock and paying dividends in 2024 alone. The company maintains a target CET1 ratio of 10.5% to 11%, allowing for opportunistic share buybacks while maintaining regulatory capital buffers. Management has indicated plans to optimize capital deployment further as they work toward achieving a 15% return on tangible common equity target. **Securities Portfolio Restructuring:** In late 2024, the bank executed a strategic restructuring of its securities portfolio, expecting to generate approximately $35 million in annual net interest income benefits. This move demonstrates management's active approach to balance sheet optimization in the current interest rate environment. **Specialty Banking Expansion:** The company has continued to grow its mortgage warehouse lending business, gaining market share and expanding credit lines totaling $1.4 billion in 2024. The fixed-income trading business has shown improvement, with average daily revenue increasing to $659,000 in Q4 2024. These specialty businesses provide higher-margin, fee-based revenue streams that diversify the bank's traditional interest-dependent income. **Deposit Strategy Evolution:** First Horizon has refined its deposit acquisition and retention strategy, successfully defending its deposit base while managing funding costs. The bank shortened promotional deposit terms from 90 to 45 days and has focused on acquiring "new-to-bank" customers, retaining 96% of promotional deposits while reducing interest-bearing deposit costs.
FHN company profile · for informational purposes only — not investment advice.
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