First Horizon (FHN)
Market Price (6/22/2026): $24.98 | Market Cap: $12.0 BilSector: Financials | Industry: Regional Banks
First Horizon (FHN)
Market Price (6/22/2026): $24.98Market Cap: $12.0 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Stock buyback supportStock Buyback 3Y Total is 1.8 Bil Low stock price volatilityVol 12M is 26% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 28% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Wealth Management Technology, Show more. | Trading close to highsDist 52W High is -4.0%, Dist 3Y High is -4.0% Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.0% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 21x Key risksFHN key risks include [1] net interest margin pressure from intense deposit competition in the Southeast and [2] heightened default risk from its notable concentration in urban commercial real estate. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Stock buyback supportStock Buyback 3Y Total is 1.8 Bil |
| Low stock price volatilityVol 12M is 26% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 28% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Wealth Management Technology, Show more. |
| Trading close to highsDist 52W High is -4.0%, Dist 3Y High is -4.0% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.0% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 21x |
| Key risksFHN key risks include [1] net interest margin pressure from intense deposit competition in the Southeast and [2] heightened default risk from its notable concentration in urban commercial real estate. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/11/2026
First Horizon (FHN) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. First Horizon reported stronger-than-expected earnings for fiscal Q1 2026. The company announced diluted earnings per share (EPS) of $0.53 on April 15, 2026, surpassing analyst forecasts of $0.49 to $0.50. This represented an earnings surprise of between 6% and 8.54%. Net income for fiscal Q1 2026 rose to $266 million, a significant increase from $222 million in fiscal Q1 2025. Additionally, adjusted return on tangible common equity (ROTCE) reached 15.1%, marking the third consecutive quarter above 15%.
2. The company demonstrated improved credit quality and effective cost management. First Horizon saw its provision for credit losses decline significantly to $15 million in fiscal Q1 2026, down from $40 million in fiscal Q1 2025. This improvement was attributed to better grade migration and reduced commercial real estate and consumer exposures. Net interest income also increased to $667 million, aided by lower deposit interest expense.
Show more
First Horizon (FHN) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. First Horizon reported stronger-than-expected earnings for fiscal Q1 2026. The company announced diluted earnings per share (EPS) of $0.53 on April 15, 2026, surpassing analyst forecasts of $0.49 to $0.50. This represented an earnings surprise of between 6% and 8.54%. Net income for fiscal Q1 2026 rose to $266 million, a significant increase from $222 million in fiscal Q1 2025. Additionally, adjusted return on tangible common equity (ROTCE) reached 15.1%, marking the third consecutive quarter above 15%.
2. The company demonstrated improved credit quality and effective cost management. First Horizon saw its provision for credit losses decline significantly to $15 million in fiscal Q1 2026, down from $40 million in fiscal Q1 2025. This improvement was attributed to better grade migration and reduced commercial real estate and consumer exposures. Net interest income also increased to $667 million, aided by lower deposit interest expense.
Show more
Updated on 6/11/2026
First Horizon (FHN) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. First Horizon reported stronger-than-expected earnings for fiscal Q1 2026. The company announced diluted earnings per share (EPS) of $0.53 on April 15, 2026, surpassing analyst forecasts of $0.49 to $0.50. This represented an earnings surprise of between 6% and 8.54%. Net income for fiscal Q1 2026 rose to $266 million, a significant increase from $222 million in fiscal Q1 2025. Additionally, adjusted return on tangible common equity (ROTCE) reached 15.1%, marking the third consecutive quarter above 15%.
2. The company demonstrated improved credit quality and effective cost management. First Horizon saw its provision for credit losses decline significantly to $15 million in fiscal Q1 2026, down from $40 million in fiscal Q1 2025. This improvement was attributed to better grade migration and reduced commercial real estate and consumer exposures. Net interest income also increased to $667 million, aided by lower deposit interest expense.
3. Strategic capital actions and a positive outlook contributed to investor confidence. During fiscal Q1 2026, First Horizon repurchased $233 million of its common stock. Looking ahead, the company projected EPS for subsequent quarters of 2026 to be between $0.53 and $0.55, with a full-year 2026 forecast of $2.13 and $2.19 for 2027. Analysts also revised earnings estimates upwards for the upcoming period.
4. A generally supportive regional banking sector environment provided a tailwind. The broader regional banking sector experienced broadly strong fiscal Q1 2026 results, characterized by net income growth exceeding expectations. This was driven by year-over-year expansion in both net interest and noninterest income, with net interest income benefiting from fixed-rate asset repricing and favorable funding costs. The overall asset quality across regional banks remained sound, with improving net charge-off (NCO) and non-performing loan (NPL) ratios.
Show less
First Horizon (FHN) stock has gained about 5% since 2/28/2026 because of the following key factors:
1. First Horizon reported stronger-than-expected earnings for fiscal Q1 2026. The company announced diluted earnings per share (EPS) of $0.53 on April 15, 2026, surpassing analyst forecasts of $0.49 to $0.50. This represented an earnings surprise of between 6% and 8.54%. Net income for fiscal Q1 2026 rose to $266 million, a significant increase from $222 million in fiscal Q1 2025. Additionally, adjusted return on tangible common equity (ROTCE) reached 15.1%, marking the third consecutive quarter above 15%.
2. The company demonstrated improved credit quality and effective cost management. First Horizon saw its provision for credit losses decline significantly to $15 million in fiscal Q1 2026, down from $40 million in fiscal Q1 2025. This improvement was attributed to better grade migration and reduced commercial real estate and consumer exposures. Net interest income also increased to $667 million, aided by lower deposit interest expense.
3. Strategic capital actions and a positive outlook contributed to investor confidence. During fiscal Q1 2026, First Horizon repurchased $233 million of its common stock. Looking ahead, the company projected EPS for subsequent quarters of 2026 to be between $0.53 and $0.55, with a full-year 2026 forecast of $2.13 and $2.19 for 2027. Analysts also revised earnings estimates upwards for the upcoming period.
4. A generally supportive regional banking sector environment provided a tailwind. The broader regional banking sector experienced broadly strong fiscal Q1 2026 results, characterized by net income growth exceeding expectations. This was driven by year-over-year expansion in both net interest and noninterest income, with net interest income benefiting from fixed-rate asset repricing and favorable funding costs. The overall asset quality across regional banks remained sound, with improving net charge-off (NCO) and non-performing loan (NPL) ratios.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 5.8% change in FHN stock from 2/28/2026 to 6/21/2026 was primarily driven by a 3.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.45 | 24.81 | 5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,324 | 3,372 | 1.4% |
| Net Income Margin (%) | 29.6% | 30.5% | 3.0% |
| P/E Multiple | 11.7 | 11.6 | -0.8% |
| Shares Outstanding (Mil) | 491 | 480 | 2.1% |
| Cumulative Contribution | 5.8% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FHN | 5.8% | |
| Market (SPY) | 9.2% | 49.2% |
| Sector (XLF) | 4.7% | 69.5% |
Fundamental Drivers
The 13.4% change in FHN stock from 11/30/2025 to 6/21/2026 was primarily driven by a 8.6% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.88 | 24.81 | 13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,164 | 3,372 | 6.6% |
| Net Income Margin (%) | 28.0% | 30.5% | 8.6% |
| P/E Multiple | 12.5 | 11.6 | -6.8% |
| Shares Outstanding (Mil) | 505 | 480 | 5.1% |
| Cumulative Contribution | 13.4% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FHN | 13.4% | |
| Market (SPY) | 9.9% | 43.9% |
| Sector (XLF) | 1.3% | 67.3% |
Fundamental Drivers
The 29.2% change in FHN stock from 5/31/2025 to 6/21/2026 was primarily driven by a 17.3% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.20 | 24.81 | 29.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,086 | 3,372 | 9.3% |
| Net Income Margin (%) | 26.0% | 30.5% | 17.3% |
| P/E Multiple | 12.4 | 11.6 | -6.4% |
| Shares Outstanding (Mil) | 517 | 480 | 7.7% |
| Cumulative Contribution | 29.2% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FHN | 29.2% | |
| Market (SPY) | 28.1% | 45.0% |
| Sector (XLF) | 6.7% | 66.0% |
Fundamental Drivers
The 170.8% change in FHN stock from 5/31/2023 to 6/21/2026 was primarily driven by a 125.5% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.16 | 24.81 | 170.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,270 | 3,372 | 3.1% |
| Net Income Margin (%) | 29.2% | 30.5% | 4.2% |
| P/E Multiple | 5.1 | 11.6 | 125.5% |
| Shares Outstanding (Mil) | 537 | 480 | 11.8% |
| Cumulative Contribution | 170.8% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FHN | 170.8% | |
| Market (SPY) | 85.7% | 53.7% |
| Sector (XLF) | 77.0% | 70.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FHN Return | 33% | 54% | -39% | 48% | 22% | 5% | 134% |
| Peers Return | 37% | -15% | -7% | 29% | 23% | 10% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| FHN Win Rate | 75% | 75% | 50% | 58% | 67% | 50% | |
| Peers Win Rate | 68% | 48% | 43% | 62% | 60% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FHN Max Drawdown | -22% | -12% | -61% | -16% | -27% | -17% | |
| Peers Max Drawdown | -18% | -36% | -44% | -13% | -27% | -18% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RF, TFC, PNC, CFG, KEY. See FHN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | FHN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.1% | -18.8% |
| % Gain to Breakeven | 35.4% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.1% | -9.5% |
| % Gain to Breakeven | 23.7% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -60.5% | -6.7% |
| % Gain to Breakeven | 153.3% | 7.1% |
| Time to Breakeven | 802 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.5% | -33.7% |
| % Gain to Breakeven | 129.9% | 50.9% |
| Time to Breakeven | 295 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.6% | -19.2% |
| % Gain to Breakeven | 40.0% | 23.8% |
| Time to Breakeven | 316 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.6% | -12.2% |
| % Gain to Breakeven | 36.2% | 13.9% |
| Time to Breakeven | 237 days | 62 days |
In The Past
First Horizon's stock fell -26.1% during the 2025 US Tariff Shock. Such a loss loss requires a 35.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | FHN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.1% | -18.8% |
| % Gain to Breakeven | 35.4% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -60.5% | -6.7% |
| % Gain to Breakeven | 153.3% | 7.1% |
| Time to Breakeven | 802 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.5% | -33.7% |
| % Gain to Breakeven | 129.9% | 50.9% |
| Time to Breakeven | 295 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.6% | -19.2% |
| % Gain to Breakeven | 40.0% | 23.8% |
| Time to Breakeven | 316 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.6% | -12.2% |
| % Gain to Breakeven | 36.2% | 13.9% |
| Time to Breakeven | 237 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.8% | -17.9% |
| % Gain to Breakeven | 68.8% | 21.8% |
| Time to Breakeven | 133 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.3% | -15.4% |
| % Gain to Breakeven | 28.7% | 18.2% |
| Time to Breakeven | 1598 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.0% | -53.4% |
| % Gain to Breakeven | 245.2% | 114.4% |
| Time to Breakeven | 639 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.5% | -8.6% |
| % Gain to Breakeven | 36.1% | 9.5% |
| Time to Breakeven | 5311 days | 47 days |
In The Past
First Horizon's stock fell -26.1% during the 2025 US Tariff Shock. Such a loss loss requires a 35.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About First Horizon (FHN)
First Horizon Corporation (FHN) is a bank holding company that provides a comprehensive range of financial services, primarily through its First Horizon Bank subsidiary. The company structures its operations into two main segments: Regional Banking and Specialty Banking, reflecting its commitment to both traditional banking activities and specialized financial solutions.
Through its Regional Banking segment, FHN offers general banking services, including deposits, loans, and credit cards, to a broad client base that encompasses individual consumers, small and large businesses, financial institutions, and government entities. The Specialty Banking segment addresses more complex financial needs by providing services such as underwriting bank-eligible and fixed-income securities, selling loans and derivatives, and offering various financial advisory services. Additionally, First Horizon engages in mortgage banking, title insurance, brokerage, trust services, equipment finance, and distributes mutual funds and retail insurance products.
Headquartered in Memphis, Tennessee, First Horizon maintains a significant regional presence across the United States. It operates approximately 500 banking offices in 22 states under the First Horizon Bank brand and around 400 financial centers in 12 states under its FHN Financial brand. This extensive network enables the company to serve a diverse array of customers, from individual clients to corporate and institutional accounts, primarily within its established regional markets.
AI Analysis | Feedback
First Horizon (FHN) is like:
- A diversified regional bank similar to U.S. Bank or Truist, with a significant presence across the Southeast and Mid-Atlantic.
- KeyCorp or PNC, but with an especially strong capital markets and institutional advisory arm catering to businesses and governments.
AI Analysis | Feedback
- Consumer and Business Banking: Offers general banking services for consumers, businesses, financial institutions, and governments, including loans, deposits, and credit cards.
- Mortgage Banking Services: Provides mortgage origination, servicing, and related title insurance and loan-closing services.
- Investment and Advisory Services: Offers underwriting of bank-eligible and other fixed-income securities, sales of loans and derivatives, and various investment and financial advisory services.
- Wealth Management and Trust Services: Delivers trust, fiduciary, and agency services, along with mutual fund and retail insurance products.
- Specialized Financial Operations: Includes correspondent banking, nationwide check clearing and remittance processing, and equipment finance.
AI Analysis | Feedback
First Horizon (FHN) primarily serves a diverse customer base that includes individuals, businesses, financial institutions, and governments. Given the broad range of retail banking products and services offered, a significant portion of its customers are individuals.
The company serves the following categories of customers:
- Consumers (Individuals): First Horizon provides general banking services, mortgage banking, brokerage, trust, investment and financial advisory services, mutual funds, retail insurance products, and credit cards to individual consumers.
- Businesses: The company offers general banking services, equipment finance, and various advisory services to businesses of different sizes.
- Financial Institutions and Governments: First Horizon serves financial institutions and government entities through services such as general banking, underwriting of securities, correspondent banking, nationwide check clearing and remittance processing, and advisory services.
AI Analysis | Feedback
null
AI Analysis | Feedback
D. Bryan Jordan, Chairman of the Board, President & Chief Executive Officer
Bryan Jordan joined First Horizon in 2007 as Chief Financial Officer and was named President and Chief Executive Officer in 2008. Prior to his tenure at First Horizon, Jordan served as Chief Financial Officer at Regions Financial Corporation. His career also includes roles at First Union Corporation and KPMG.
Hope Dmuchowski, Senior Executive Vice President and Chief Financial Officer
Hope Dmuchowski joined First Horizon in 2021. Before joining First Horizon, she held various roles at Truist and its predecessor bank, BB&T. These positions included Head of Financial Planning and Analysis and Management Reporting, Chief Financial Officer of Corporate Banking, Commercial Banking and Corporate Groups, and Chief Financial Officer Group Director. She also served as Chief Financial and Operating Officer of Enterprise Operations Services at BB&T. Dmuchowski began her banking career in 2000 in the Leadership Development program for the sales and trading division of Deutsche Bank. She brings over 25 years of experience in banking, finance, accounting, and merger expertise.
Anthony J. Restel, Chief Banking Officer
Anthony Restel previously served as interim CFO for First Horizon and was the CFO of IberiaBank before its merger with First Horizon. He also served as First Horizon's Chief Operating Officer since July 2020 and was named President of Regional Banking in September 2021 before becoming Chief Banking Officer.
Tammy S. LoCascio, Chief Operating Officer
Tammy LoCascio is the Chief Operating Officer of First Horizon Corporation.
Samuel L. Erwin, Executive Vice President, Director of Regional Banking
Samuel L. Erwin serves as Executive Vice President and Director of Regional Banking for First Horizon Bank.
AI Analysis | Feedback
The key risks to First Horizon Corporation (FHN) are:
- Regulatory and Compliance Risks: First Horizon Corporation, as a financial institution, is subject to extensive regulations. Changes in laws, regulations, and administrative actions can significantly increase compliance costs and potentially limit business opportunities. The company also faces the risk of increased regulatory scrutiny and more stringent requirements if it crosses the $100 billion asset threshold, which could lead to higher operating expenses.
- Credit Quality Deterioration: First Horizon Corporation faces risks from potential loan defaults, particularly within its commercial real estate and consumer loan portfolios. While current credit metrics are considered solid, analysts have highlighted that credit quality could deteriorate in a less favorable macroeconomic scenario, leading to higher provision expenses and rising net charge-offs that could challenge earnings.
- Interest Rate Risk and Net Interest Margin (NIM) Pressure: First Horizon is characterized as being more asset-sensitive than average, making its net interest income significantly susceptible to fluctuations in interest rates. A declining rate environment or intense competition for deposits, particularly in the Southeast, could exert pressure on the bank's net interest margin and negatively impact its profitability if deposit costs reprice downward slower than loan yields.
AI Analysis | Feedback
The clear emerging threats for First Horizon (FHN) stem from the rapid rise and increasing adoption of digital-first financial service providers and specialized fintech platforms. These new models challenge traditional banking institutions like FHN, which heavily relies on a physical branch network and broad general banking services.
- Digital-only Banks (Neobanks): These institutions operate with significantly lower overhead due to the absence of physical branches, allowing them to offer more competitive interest rates on deposits, lower fees, and highly intuitive, mobile-centric user experiences. This directly threatens FHN's customer base, particularly among younger demographics and those who prefer digital interactions, by providing a more agile and often cheaper alternative for consumer and small business banking needs.
- Specialized Fintech Platforms: Companies specializing in specific financial services, such as peer-to-peer lending, digital payment processing (e.g., non-bank apps), and automated investment advisory, are disintermediating traditional banks. These platforms often provide faster, more convenient, or more cost-effective solutions for specific financial needs, thereby eroding FHN's market share in areas like personal loans, small business lending, payment services, and wealth management.
AI Analysis | Feedback
First Horizon Corporation (FHN) operates in several addressable markets within the United States, offering a diverse range of financial products and services. The estimated market sizes for their main offerings in the U.S. are as follows:
- Retail Banking: The U.S. retail banking market was valued at approximately USD 870 billion in 2025 and is projected to reach USD 1.11 trillion by 2031, growing at a CAGR of 4.17% during the forecast period (2026-2031). Other estimates indicate the market was USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030. Another report states the market generated USD 454.3 billion in 2024 and is expected to reach USD 678.3 billion by 2033.
- Commercial Banking: The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, with a CAGR of 4.56%. Another source indicates a market size of USD 226.44 billion in 2024, expected to reach USD 269.28 billion by 2029. Additionally, the market was valued at USD 222.5 billion in 2023 and is projected to reach USD 320.5 billion by 2033.
- Mortgage Banking (Originations): Total single-family mortgage origination volume in the U.S. is expected to increase to USD 2.2 trillion in 2026 from USD 2.0 trillion expected in 2025. Another forecast suggests total U.S. mortgage origination volume is expected to exceed the USD 2 trillion mark for the first time since 2022 by 2026. For Q1 2025, single-family mortgage originations rose to USD 246 billion.
- Wealth Management: The U.S. wealth management market oversees approximately USD trillions in assets under management. The global wealth management market was valued at USD 1.25 trillion in 2020 and is projected to reach USD 3.43 trillion by 2030. The North American wealth management platform market was valued at USD 1.26 billion in 2025.
- Credit Cards: The market size of credit card issuing in the U.S. was USD 178.3 billion in 2025. The U.S. credit card market size stood at USD 190 billion in 2024 and is expected to grow to USD 388.4 billion by 2032. The U.S. credit card payments market size was valued at USD 187.45 billion in 2024 and is predicted to be worth around USD 441.56 billion by 2034.
- Equipment Finance: The U.S. equipment finance industry expanded to an estimated USD 1.34 trillion in 2023. The Equipment Leasing & Finance Association (ELFA) represents companies in the USD 1.3 trillion U.S. equipment finance sector.
- Title Insurance: The U.S. title insurance market is projected to grow from USD 4.15 billion in 2025 to USD 5.69 billion by 2034 globally, with North America leading the market. The title insurance industry generated USD 4.5 billion in premiums during the second quarter of 2025 in the U.S. The North American market value was estimated at USD 2 billion in 2023 and is projected to reach USD 2.8 billion by 2032. The Title Insurance industry in the United States, as a whole, is expected to increase by 1.8% in 2025, with revenues falling at a CAGR of 6.6% to USD 17.1 billion over the past five years.
- Fixed Income Securities (Underwriting): The U.S. dollar bond market (fixed income market) has grown to over USD 60 trillion by August 2025. The U.S. fixed income assets management market is anticipated to hold a significant share by 2033. The fixed income market size is estimated at USD 153.39 trillion in 2025.
AI Analysis | Feedback
First Horizon (FHN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
* **Net Interest Margin (NIM) Expansion:** First Horizon anticipates continued growth in its net interest margin. This is expected to result from improved asset pricing and a more favorable funding mix, as well as efforts to normalize pricing on promotional deposits and reduce overall interest-bearing deposit costs. The company has demonstrated the ability to attract new deposits at lower rates, further contributing to NIM expansion.
* **Loan Growth, particularly in Commercial & Industrial (C&I) and Commercial Real Estate:** The company projects mid-single-digit loan growth for the full year 2026, with a strong focus on commercial and industrial (C&I) lending and robust commercial real estate pipelines. This builds on a 5% loan growth experienced in 2023, supported by a strong capital position and deposit growth. Additionally, strong consumer loan growth, particularly in consumer real estate, is noted as a contributor.
* **Growth in Fee Income and Specialty Businesses:** First Horizon aims to enhance pre-tax profitability through initiatives such as broadening client relationships and exploring opportunities within the specialty lines market. The company's "countercyclical businesses" have contributed to pre-provision net revenue and showed significant improvement in early 2024, with a 13.2% increase in core fee income noted.
* **Strategic Investments in Technology and Branch Network Expansion:** Investments in technology are slated to increase through 2024, viewed as essential for future growth and balanced by improved operational efficiencies. Furthermore, First Horizon plans to expand its physical footprint by opening 10-20 new branches annually in the coming years, primarily within the Southeast region.
* **Expansion of Client Relationships:** The company is focused on acquiring new client relationships and deepening existing ones, a strategy supported by its strong capital and liquidity positions. A successful deposit campaign in mid-2023, which brought in new-to-bank deposits, highlights this focus.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- A new $1.2 billion common stock repurchase program was authorized on October 27, 2025, to replace the prior program, which had approximately $180 million of remaining authorization, and is set to expire on January 31, 2027.
- First Horizon returned approximately $1.2 billion of capital to shareholders in 2025, including $918 million in share buybacks.
- Annual share buybacks totaled $626 million in 2024.
Share Issuance
- First Horizon's common stock net was $328 million in 2024, a decline from $349 million in 2023.
- On March 6, 2026, the company issued 16,000,000 depositary shares, each representing a 1/4,000th interest in its new Series H Non-Cumulative Perpetual Preferred Stock, which carries a liquidation preference of $100,000 per share.
Inbound Investments
- TD Bank paid First Horizon $225 million in May 2023 upon the termination of the proposed $13.4 billion all-cash acquisition of First Horizon.
Outbound Investments
- No significant outbound investments, such as strategic acquisitions of other companies with specific dollar amounts, were identified within the specified timeframe. Management has stated that while open to small, strategic deals, organic growth and profitability are the main focus, not whole-bank acquisitions.
Capital Expenditures
- First Horizon plans to invest $100 million in technology for purposes such as fraud prevention, customer service, and credit underwriting.
- The company is committed to opening 10-20 new branches annually, with a focus on expansion in the Carolinas, Texas, and Middle Tennessee.
- Management expects flattish expense growth for 2026, despite planned investments in technology and new branches.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.48 |
| Mkt Cap | 26.6 |
| Rev LTM | 8,048 |
| Op Inc LTM | - |
| FCF LTM | 2,339 |
| FCF 3Y Avg | 2,046 |
| CFO LTM | 2,474 |
| CFO 3Y Avg | 2,169 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 8.4% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 28.1% |
| CFO/Rev 3Y Avg | 31.2% |
| FCF/Rev LTM | 28.1% |
| FCF/Rev 3Y Avg | 30.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial, Consumer & Wealth | 3,033 | 2,992 | 3,142 | ||
| Wholesale | 489 | 424 | 357 | ||
| Corporate | -103 | -226 | -32 | -59 | -349 |
| Regional Banking | 2,397 | 2,202 | |||
| Specialty Banking | 869 | 1,217 | |||
| Total | 3,419 | 3,190 | 3,467 | 3,207 | 3,070 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Regional Banking | 309 | 287 | 289 | 284 | 325 |
| Fixed Income | 27 | ||||
| Corporate | -105 | -98 | -92 | -98 | -39 |
| Non-Strategic | -122 | 52 | -240 | -380 | -192 |
| Capital Markets | 69 | 52 | 92 | 57 | |
| Total | 108 | 310 | 8 | -102 | 150 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial, Consumer & Wealth | 1,173 | 1,083 | 1,155 | ||
| Wholesale | 120 | 93 | 50 | ||
| Corporate | -295 | -382 | -289 | -222 | -518 |
| Regional Banking | 824 | 989 | |||
| Specialty Banking | 310 | 539 | |||
| Total | 998 | 794 | 916 | 912 | 1,010 |
| $ Mil | 2023 | 2022 | 2007 | 2006 | 2004 |
|---|---|---|---|---|---|
| Regional Banking | 45,858 | 42,297 | |||
| Specialty Banking | 20,161 | 19,965 | |||
| Corporate | 15,664 | 21,955 | 38,765 | 2,836 | |
| Capital Markets | 4,049 | 4,973 | 1,675 | ||
| Mortgage Banking | 6,414 | 6,381 | 5,296 | ||
| Retail/Commercial Banking | 23,724 | 23,258 | 17,498 | ||
| Total | 81,683 | 84,217 | 34,187 | 73,377 | 27,306 |
Price Behavior
Price Behavior
| Market Price | $24.81 | |
| Market Cap ($ Bil) | 11.9 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -4.0% | |
| 50 Days | 200 Days | |
| DMA Price | $24.21 | $23.04 |
| DMA Trend | up | up |
| Distance from DMA | 2.5% | 7.7% |
| 3M | 1YR | |
| Volatility | 22.2% | 25.7% |
| Downside Capture | 48.13 | 90.02 |
| Upside Capture | 70.05 | 93.79 |
| Correlation (SPY) | 44.2% | 44.0% |
FHN Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.15 | 1.03 | 0.96 | 0.94 | 1.04 | 1.16 |
| Up Beta | 2.45 | 1.52 | 1.33 | 1.36 | 1.27 | 1.16 |
| Down Beta | 0.19 | 0.06 | 0.66 | 0.48 | 0.98 | 1.29 |
| Up Capture | 30% | 58% | 72% | 91% | 94% | 151% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 22 | 32 | 66 | 136 | 395 |
| Down Capture | 191% | 124% | 103% | 95% | 100% | 101% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 19 | 31 | 57 | 112 | 343 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FHN | |
|---|---|---|---|---|
| FHN | 32.7% | 25.7% | 1.06 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 65.1% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 43.7% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 4.5% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -13.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 29.0% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 20.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FHN | |
|---|---|---|---|---|
| FHN | 10.0% | 37.1% | 0.35 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 53.4% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 38.3% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | -2.7% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 11.6% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 27.7% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 14.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FHN | |
|---|---|---|---|---|
| FHN | 9.4% | 39.0% | 0.36 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 71.7% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 52.6% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | -6.9% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 22.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 44.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/15/2026 | -0.3% | 1.7% | -3.4% |
| 1/15/2026 | 1.6% | 2.4% | 2.1% |
| 10/15/2025 | -9.4% | -9.7% | -5.3% |
| 7/16/2025 | 2.1% | 5.7% | 4.5% |
| 4/16/2025 | -1.6% | -1.0% | 15.4% |
| 1/16/2025 | -0.4% | -2.2% | 3.3% |
| 10/16/2024 | 4.1% | 3.8% | 20.5% |
| 7/17/2024 | -5.8% | -5.2% | -12.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 18 |
| # Negative | 10 | 13 | 6 |
| Median Positive | 1.6% | 3.8% | 4.7% |
| Median Negative | -1.4% | -2.2% | -5.5% |
| Max Positive | 5.4% | 14.1% | 20.5% |
| Max Negative | -9.4% | -9.7% | -40.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/15/2026 | -0.3% | 1.7% | -3.4% |
| 1/15/2026 | 1.6% | 2.4% | 2.1% |
| 10/15/2025 | -9.4% | -9.7% | -5.3% |
| 7/16/2025 | 2.1% | 5.7% | 4.5% |
| 4/16/2025 | -1.6% | -1.0% | 15.4% |
| 1/16/2025 | -0.4% | -2.2% | 3.3% |
| 10/16/2024 | 4.1% | 3.8% | 20.5% |
| 7/17/2024 | -5.8% | -5.2% | -12.9% |
| 4/17/2024 | 1.9% | 7.0% | 14.9% |
| 1/18/2024 | 5.1% | 14.1% | 6.2% |
| 10/18/2023 | 1.8% | -3.3% | 15.0% |
| 7/19/2023 | 0.4% | 1.2% | 0.2% |
| 4/18/2023 | 1.3% | -4.1% | -40.9% |
| 1/18/2023 | 0.1% | -0.1% | 1.0% |
| 10/18/2022 | 0.3% | 1.2% | 1.2% |
| 7/19/2022 | 1.4% | 1.5% | 4.9% |
| 4/19/2022 | -0.7% | -2.0% | -5.6% |
| 1/20/2022 | -1.1% | -0.8% | 1.3% |
| 10/20/2021 | 1.5% | -1.4% | 0.8% |
| 7/16/2021 | -5.5% | -6.8% | -1.3% |
| 4/21/2021 | 5.4% | 9.2% | 12.2% |
| 1/22/2021 | 1.5% | -0.9% | 15.8% |
| 10/23/2020 | -3.2% | -9.6% | 4.5% |
| 7/17/2020 | -0.8% | 4.8% | 8.5% |
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 18 |
| # Negative | 10 | 13 | 6 |
| Median Positive | 1.6% | 3.8% | 4.7% |
| Median Negative | -1.4% | -2.2% | -5.5% |
| Max Positive | 5.4% | 14.1% | 20.5% |
| Max Negative | -9.4% | -9.7% | -40.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Insider Activity
Updated 5/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Restel, Anthony J | SEVP, Chief Banking Officer | Direct | Sell | 2022026 | 24.35 | 5,719 | 139,237 | 15,073,642 | Form |
| 2 | Jordan, D Bryan | Chairman, President & CEO | Direct | Sell | 2022026 | 24.16 | 85,009 | 2,054,164 | 20,615,900 | Form |
| 3 | Fleming, Jeff L | EVP & Chief Accounting Officer | Direct | Sell | 11132025 | 21.74 | 7,619 | 165,660 | 2,796,715 | Form |
| 4 | Popwell, David T | SEVP Sr Strategic Executive | Direct | Sell | 11052025 | 21.31 | 155,149 | 3,306,567 | 6,552,052 | Form |
| 5 | Popwell, David T | SEVP Sr Strategic Executive | Direct | Sell | 8262025 | 22.50 | 100,000 | 2,249,520 | 10,405,852 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Restel, Anthony J | SEVP, Chief Banking Officer | Direct | Sell | 2022026 | 24.35 | 5,719 | 139,237 | 15,073,642 | Form |
| 2 | Jordan, D Bryan | Chairman, President & CEO | Direct | Sell | 2022026 | 24.16 | 85,009 | 2,054,164 | 20,615,900 | Form |
| 3 | Fleming, Jeff L | EVP & Chief Accounting Officer | Direct | Sell | 11132025 | 21.74 | 7,619 | 165,660 | 2,796,715 | Form |
| 4 | Popwell, David T | SEVP Sr Strategic Executive | Direct | Sell | 11052025 | 21.31 | 155,149 | 3,306,567 | 6,552,052 | Form |
| 5 | Popwell, David T | SEVP Sr Strategic Executive | Direct | Sell | 8262025 | 22.50 | 100,000 | 2,249,520 | 10,405,852 | Form |
| 6 | Popwell, David T | SEVP Sr Strategic Executive | Direct | Sell | 7232025 | 22.20 | 38,010 | 843,864 | 12,210,856 | Form |
| 7 | Locascio, Tammy | SEVP, Chief Operating Officer | Direct | Sell | 7212025 | 22.25 | 10,285 | 228,813 | 7,609,695 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 6/21/2026