First Horizon Corporation (FHN)
Financial Services · NYQ · US
Fundamentals
Valuation and ratings
First Horizon Corporation trades at USD25.40, which is 123% below the USD56.58 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 47 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 13.0 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About First Horizon Corporation
First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. It operates through Regional Banking, Specialty Banking, and Corporate segments. The company offers commercial banking, business banking, consumer banking, private client investment, wealth management, financial planning, trust and asset management services, asset-based lending, commercial real estate, equipment finance/leasing, energy finance, international banking, healthcare finance, transportation and logistics finance, treasury management solutions, and loan syndications services. It also provides fixed income securities sales, trading, underwriting, and strategies for institutional clients; loan sales; portfolio advisory services; derivative sales; mortgage warehouse lending; franchise finance; corporate and correspondent banking; and mortgage origination services. Further, it provides transaction processing services, credit card products, and sale of mutual funds. First Horizon Corporation was formerly known as First Horizon National Corporation and changed its name to First Horizon Corporation in April 2004. The company was founded in 1864 and is headquartered in Memphis, Tennessee.
FHN passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
5 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$170.23M · 0.1% of book
- Ken Griffin, CITADEL ADVISORS LLC$157.91M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$143.37M · 0.1% of book
- Steve Cohen, Point72 Asset Management, L.P.$41.22M · 0.1% of book
- Bridgewater Associates, LP$37.14M · 0.2% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is First Horizon Corporation (FHN) undervalued?
Against our discounted cash flow estimate of USD56.58, FHN at USD25.40 is 123% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own FHN?
5 of the institutions we track reported a position in FHN in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is FHN's P/E ratio?
FHN trades at 13.0 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for FHN, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.