FHN - Why First Horizon Stock Rose 13.7% This Week
2023-05-19 10:28:49 ET
First Horizon (NYSE: FHN) saw its stock price rise 13.7% this week, as of Friday's opening bell, according to S&P Global Market Intelligence . The stock had been up as much as 14.7% during the week. The stock remains down about 55% year to date as of Friday morning's open, trading at $11 per share.
The markets were up this week, as the S&P 500 gained 1.8%, the Dow Jones Industrial Average rose 0.7%, and the Nasdaq Composite surged 3.3% as of Friday at 9:30 a.m. ET.
It has been a tough year so far for First Horizon, the holding company for Memphis-based First Horizon Bank. While it had decent first-quarter results, with year-over-year gains in revenue and earnings, it faced a double whammy of bad news in recent weeks. First the banking crisis hurt the bank, as it did most small and regional bank stocks , even though its deposits held up relatively well. Then, earlier this month, it was announced by both banks that the planned acquisition of First Horizon by TD Bank was off -- by mutual consent.
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Why First Horizon Stock Rose 13.7% This Week