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Is First Horizon Corporation (NYSE:FHN) A Top Local Bank Stock?

Local bank stocks in the US have been among some of the most watched over the past few years. This is because of high interest rates, which offer banks the ability to make more money but also create risks of high costs and portfolio sustainability. Within this turmoil, local bank stock performance has been mixed. Year to date, the KBW Regional Banking Index has lost more than 7% while the Dow Jones U.S. Select Regional Banks Index gained 2%. So, we thought to look at 12 Best Local Bank Stocks to Invest in Now and in this piece we’ll see if First Horizon Corporation (NYSE:FHN) is a top local bank stock.

First Horizon Corporation (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) is a regional bank headquartered in Memphis, Tennessee. It was founded in 1864 and offers both regional and specialized banking services. These include typical banking products such as accounts, and other services such as credit finance and asset management.

Taking A Look At First Horizon Corporation (NYSE:FHN)’s Recent Performance

Regional banks have faced the heat this year due to trouble in the commercial real estate market. First Horizon Corporation (NYSE:FHN)’s first quarter results saw the bank report $184 million in net income and $0.33 in earnings per share. Its $0.35 adjusted EPS ended up beating consensus analyst estimates of $0.34 and made Q1 2024 the third consecutive quarter in which First Horizon Corporation (NYSE:FHN) had surpassed analyst estimates.

First Horizon Corporation (NYSE:FHN) And Hedge Fund Sentiment

By the end of this year’s first quarter, 47 out of the 933 hedge funds part of Insider Monkey’s database had bought stakes in First Horizon Corporation (NYSE:FHN). This meant that three hedge funds had exited their positions in the bank, despite the fact that the number of funds tracked by Insider Monkey remained the same. Among the funds, Israel Englader’s Millennium Management owned a notable stake that was worth $170 million.

First Horizon Corporation (NYSE:FHN) And Analyst Sentiment

Shifting towards analyst sentiment, the average of 14 one year share price targets for First Horizon Corporation (NYSE:FHN) is $14.72. The shares are rated Buy on average, and Wedbush, RBC, and Keefe, Bruyette & Woods have rated the stock as Outperform. Within the trio, RBC and Keefe, Bruyette & Woods’s ratings were upgraded in April 2024. In its note, the former shared that the bank has stable credit management, a healthy balance sheet, and impressive revenue growth. RBC also increased First Horizon Corporation (NYSE:FHN)’s share price target to $18 from $16 in April and reiterated the target in May.

Is First Horizon Corporation (NYSE:FHN) The Best Local Bank Stock?

Looking at the analyst sentiment, it seems like First Horizon Corporation (NYSE:FHN) is seeing some uptick in positive analyst sentiment. Its stock is also up by 11% year to date, enabling it to weather the storm even as other US local bank stocks falter in the face of high rates and real estate instability.

But what about insider sentiment? After all, corporate insiders often buy and sell shares, and First Horizon Corporation (NYSE:FHN) was not on our list of the top financial dividend stocks that insiders are buying.

For some such stocks, you can read 10 Best Financial Dividend Stocks Insiders are Buying in 2024.

Overall, FHN ranks 4th on our list of the 12 Best Local Bank Stocks to Buy.

Disclosure: None. Is First Horizon Corporation (NYSE:FHN) A Top Local Bank Stock? was originally published on Insidermonkey.com.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

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Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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We alerted our subscribers, and BTI returned 90% in just 16 months.

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