First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments. The company also accepts deposits; provides underwriting services for bank-eligible securities and other fixed-income securities by financial subsidiaries; sells loans and derivatives; financial planning; and offers investment and financial advisory services. In addition, it offers mortgage banking; loan syndications; brokerage services; commercial and business banking for business enterprises, consumer banking, and private client and wealth management services; capital markets, professional commercial real estate, mortgage warehouse and asset-based lending, franchise and equipment finance, tax credit finance, energy and healthcare finance, asset management, and corporate and correspondent banking services. Further, the company provides transaction processing services including check clearing services and remittance processing, credit cards, investment, and sale of mutual fund and retail insurances, as well as trust, fiduciary, and agency services. First Horizon Corporation was founded in 1864 and is headquartered in Memphis, Tennessee.

First Horizon looks like a high-quality regional bank with stable profitability and moderate leverage, but the market has already priced in a significant part of these strengths. A P/E ratio at the industry median suggests fair valuation on earnings, while P/B is also close to normal and does not provide a strong argument either for or against overvaluation. At the same time, P/S is above the median, and P/FCF is significantly higher than the industry average, indicating a more expensive valuation on cash flow and limiting upside potential. The company’s strengths are its low debt/equity ratio and the growth in net income, operating income, and margins over the years, which confirms improving operating efficiency. ROE, ROA, and ROI are at acceptable levels and generally improving, although they do not look exceptional enough to justify a substantial valuation premium. The growth in net profit margin and operating margin looks especially positive, indicating better expense control and income quality. The balance sheet also appears solid: assets, equity, and cash are growing, while long-term debt is declining, reducing financial risk. The weak point is the low quick ratio, but for a bank this is not as critical a signal as it would be for non-financial companies. Dividend yield remains moderate and does not show strong acceleration, so the dividend factor supports the idea of stability but is not a driver of revaluation. Overall, the fundamentals support the current valuation rather than justify a significant increase. Given the expensive revenue and free cash flow multiples, as well as the lack of clear growth acceleration, a small conservative downward adjustment to the forecast is appropriate.

First Horizon Corporation

FHN has strong profitability and a solid balance sheet, but its valuation based on revenue and FCF looks somewhat expensive, so the target forecast should be slightly lowered.

In trading on Thursday, shares of First Horizon Corp's Dep Shares RPRSTG 6.75% Non-Cumulative Perpetual Preferred Stock, Series H (Symbol: FHN.PRH) were yielding above the 9% mark based on its quarterly dividend (annualized to $2.2125), with shares changing hands as low as $24.54 on the day. This compares to an average yield of 6.76% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FHN.PRH was trading at a 1.52% discount to its liquidation preference amount, versus the average discount of 12.69% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.
Below is a dividend history chart for FHN.PRH, showing historical dividend payments on First Horizon Corp's Dep Shares RPRSTG 6.75% Non-Cumulative Perpetual Preferred Stock, Series H:
Further FHN.PRH Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

First Horizon's Preferred Stock, Series H Shares Cross 9% Yield Mark

Huntington Bancshares Incorporated HBAN reported second-quarter 2026 adjusted earnings per share (EPS) of 39 cents, which matched the Zacks Consensus Estimate. In the prior-year quarter, the company reported EPS of 38 cents.
Results reflected improvements in net interest income (NII) and non-interest income. Also, an increase in loan and deposit balances was a tailwind. However, an increase in non-interest expenses and higher provisions acted as a spoilsport.
The quarter’s results excluded 6 cents per share of the after-tax impact of acquisition-related expenses. After considering this, net income attributable to common shareholders (GAAP basis) was $727 million, up 36% year over year.
HBAN’s Revenues & Expenses Increase
Total quarterly revenues (on a fully taxable-equivalent or FTE basis) increased 46% year over year to $2.86 billion in the second quarter. The top line surpassed the Zacks Consensus Estimate of $2.85 billion.
NII (FTE basis) was $2.07 billion, up 40% from the prior-year quarter’s tally. The increase reflected higher average earning assets and an expansion in net interest margin (NIM). NIM rose 10 basis points year over year to 3.21%.
Non-interest income climbed 67% year over year to $785 million. The upside was driven by increases in capital markets and advisory fees, payments and cash management revenues, customer deposit and loan fees, wealth and asset management revenues and mortgage banking income. The prior-year quarter also included a $58-million loss from the sale of certain investment securities.
Non-interest expenses surged 51% year over year to $1.81 billion. The rise was mainly due to increases in personnel costs, outside data processing and other services, net occupancy expenses, equipment costs and amortization of intangibles. Adjusted non-interest expenses increased 39% to $1.66 billion.
The efficiency ratio was 61.5%, up from 59% in the year-ago quarter. An increase in the efficiency ratio indicates lower profitability.
HBAN’s Loans and Deposits Increase
Average loans and leases at Huntington rose 9% sequentially to $189.3 billion. Growth was supported by the full-quarter impact of the Cadence acquisition and organic growth across corporate and specialty banking, asset finance and middle-market lending.
Average total deposits increased 9% sequentially to $223.4 billion. The rise was driven by the full-quarter impact of the Cadence acquisition and growth in demand, savings and time deposits.
HBAN’s Credit Quality Deteriorates
Net charge-offs were $119 million, up from $66 million reported in the prior-year quarter. The quarter-end allowance for credit losses increased to $3.38 billion from $2.52 billion in the year-ago quarter. Total non-performing assets were $1.61 billion as of June 30, 2026, up from $852 million in the prior-year quarter.
Net charge-offs as a percentage of average total loans and leases were 0.25%, up from 0.20% in the year-ago quarter.
In the second quarter, the company recorded a provision for credit losses of $132 million, up from $103 million in the year-ago quarter.
HBAN’s Capital Ratios: Mixed Bag
The common equity tier 1 (CET1) risk-based capital ratio was 10% in the second quarter, down from 10.5% in the year-ago period.
The regulatory Tier 1 risk-based capital ratio was 11.3%, down from 11.8% in the comparable period in 2025.
The tangible common equity to tangible assets ratio was 7.1%, up from 6.6% in the year-ago quarter.
HBAN’s Share Repurchase Update
During the second quarter, Huntington repurchased $159 million of common shares. The company repurchased $309 million, or approximately 19 million shares, in the first half of 2026.
Our View on HBAN
The company’s acquisitions and continued organic loan and deposit growth are likely to support revenues. In June 2026, Huntington successfully completed the systems conversion of Cadence Bank, marking the final major integration milestone. The company also realized $70 million of annualized run-rate expense savings in the second quarter from its October 2025 Veritex acquisition and expects the full earnings contribution from its recent acquisitions by the fourth quarter. The anticipated cost and revenue synergies are encouraging. However, elevated expenses and an increase in non-performing assets remain concerns.
Huntington Bancshares Incorporated Price, Consensus and EPS Surprise
Huntington Bancshares Incorporated price-consensus-eps-surprise-chart | Huntington Bancshares Incorporated Quote
Currently, Huntington carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Banks
First Horizon Corporation FHN posted second-quarter 2026 earnings per share of 54 cents, surpassing the Zacks Consensus Estimate of 52 cents. This compares favorably with 45 cents in the year-ago quarter
FHN’s results benefited from higher NII and non-interest income, along with a lower provision for credit losses. Higher loan and deposit balances also provided support. However, rising expenses and weaker capital ratios were headwinds.
M&T Bank Corporation MTB reported second-quarter 2026 net operating earnings per share of $5.35, which beat the Zacks Consensus Estimate of $4.66. The bottom line compared favorably with earnings of $4.28 per share in the year-ago quarter.
MTB’s results were aided by higher NII and a rise in non-interest income on a year-over-year basis, along with loan growth. However, higher expenses acted as headwinds.
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Huntington Q2 Earnings Match Estimates as NII & Fee Income Rise Y/Y

Bank OZK OZK reported second-quarter 2026 earnings per share (EPS) of $1.49, which surpassed the Zacks Consensus Estimate of $1.46. However, the bottom line declined 5.7% year over year from $1.58.
Results benefited from higher non-interest income and deposit balances. Progress in the strategic diversification of the loan portfolio also provided support. However, a higher provision for credit losses, rising expenses, lower net interest income (NII) and weakening credit quality were headwinds. Given the concern, OZK shares lost nearly 1.3% during yesterday's trading session.
Net income available to common shareholders was $163.3 million, down 8.7% from the year-ago quarter’s $178.9 million. Our estimate for the metric was $158.3 million.
OZK’s Revenues & Expenses Rise
Net revenues were $430.02 million, up 0.5% year over year. The top line missed the Zacks Consensus Estimate of $432.02 million.
NII was $392.1 million, down 1.2% year over year. Our estimate for the metric was $397.3 million.
The net interest margin (NIM), on a fully-taxable-equivalent basis, contracted 12 basis points year over year to 4.24%. Our estimate for NIM was 4.13%.
Non-interest income was $37.9 million, up 21% from the year-ago quarter. The increase reflected growth in deposit-related fees, loan-related fees and other income. Our estimate for the metric was $32.7 million.
Non-interest expenses were $170.6 million, up 11.4% from the prior-year quarter. The increase was due to higher salaries and employee benefits, net occupancy and equipment costs and other operating expenses. We expected this metric to be $166.4 million.
Bank OZK’s efficiency ratio was 39.16%, up from 35.46% in the year-ago quarter, indicating reduced profitability.
OZK’s Loan Balances Decline & Deposits Rise
As of June 30, 2026, total loans were $32.6 billion, down 1.3% from the prior quarter. Total deposits were $34 billion, reflecting increases of 0.7% sequentially. Our estimates for total loans and deposits were $33.7 billion and $34.7 billion, respectively.
OZK’s Credit Quality Weakens
Net charge-offs to average total loans grew to 0.69% from 0.10% in the year-ago quarter. Provision for credit losses was $45.6 million, rising 29.5% year over year. We projected provisions of $52.3 million.
The ratio of non-performing loans to total loans was 0.92% as of June 30, 2026, up from 0.18% a year ago. The non-performing assets-to-total assets ratio increased to 1.42% from 0.53%.
Profitability Ratios Decline for Bank OZK
At the end of the second quarter, return on average assets was 1.60%, down from 1.81% in the year-earlier quarter. Return on average common equity also declined to 11.14% from 12.98%.
Bank OZK’s Capital Deployment
During the second quarter, the company authorized a new $200 million share repurchase program through July 1, 2027, replacing the previous $200 million authorization announced in June 2025.
Bank OZK also increased its quarterly common stock dividend by 9.3% year over year to 47 cents per share, marking its 64th consecutive quarterly dividend increase.
Our Take on Bank OZK
Bank OZK continues to benefit from strong growth in non-interest income, record deposit balances and ongoing diversification of its loan portfolio, particularly through the expansion of its Corporate & Institutional Banking business. Management also remains optimistic about achieving stronger loan growth over the long term as diversification efforts continue. However, elevated operating expenses, higher provisions, declining NII and deteriorating asset quality remain key headwinds.
Bank OZK Price, Consensus and EPS Surprise
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Banks
First Horizon Corporation FHN posted second-quarter 2026 earnings per share of 54 cents, surpassing the Zacks Consensus Estimate of 52 cents. This compares favorably with 45 cents in the year-ago quarter.
FHN’s results benefited from higher NII and non-interest income, along with a lower provision for credit losses. Higher loan and deposit balances also provided support. However, rising expenses and weaker capital ratios were headwinds.
Citizens Financial Group CFG reported second-quarter 2026 earnings per share of $1.30, which surpassed the Zacks Consensus Estimate of $1.25. The metric rose 41% from the year-ago quarter.
CFG’s results benefited from a rise in NII and non-interest income. Growth in loan and deposit balances and an improvement in credit quality were also encouraging. However, a rise in expenses and a weaker capital position were major headwinds.
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Bank OZK Q2 Earnings Beat Estimates on Higher Fee Income, Shares Fall

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First Horizon (FHN) Q2 2026 Earnings Call Transcript

BOK Financial Corporation's BOKF second-quarter 2026 adjusted earnings of $2.59 per share surpassed the Zacks Consensus Estimate of $2.56. The bottom line jumped 18.3% from the prior-year quarter.
BOKF’s results benefited from higher net interest income (NII) and total fees and commissions. An increase in loans was another positive. However, the rise in operating expenses was a major undermining factor.
Excluding the net gain related to the exchange of Visa B shares and the loss from repositioning the available-for-sale securities portfolio, net income attributable to shareholders (GAAP basis) was $176.5 million compared with $140 million in the prior-year quarter.
BOK Financial’s Revenues & Expenses Rise
Quarterly net revenues of $589.4 million (NII and total other operating revenues) rose 10.1% year over year. The top line surpassed the Zacks Consensus Estimate of $559 million.
NII was $351.8 million, up 7.2% year over year. The net interest margin expanded 11 basis points to 2.91%.
Total fees and commissions were $202 million, up 2.4% year over year. The rise was driven by higher transaction card revenues, fiduciary and asset management revenues, and deposit service charges and fees, partially offset by lower brokerage and trading revenues, mortgage banking revenues, and other revenues.
Total other operating expenses were $361.7 million, up 2% year over year. This rise was mainly driven by personnel, business promotion, net occupancy and equipment, FDIC and other insurance, data processing and communications, printing, postage and supplies, mortgage banking costs, and other expenses.
The efficiency ratio was 60.21% compared with the prior-year quarter’s 65.42%. A fall in the efficiency ratio indicates a rise in profitability.
BOKF’s Loans & Deposits Rise Sequentially
As of June 30, 2026, total loans were $27.1 billion, up 3.4% from the prior quarter. The increase was driven by growth in commercial loans and loans to individuals, while commercial real estate loans remained relatively stable.
Total deposits were $39.9 billion, up 3% sequentially. The rise was due to higher demand, interest-bearing transaction and time deposits, partially offset by a decline in savings deposits.
BOKF Credit Quality Improves
As of June 30, 2026, non-performing assets were $62.7 million or 0.23% of outstanding loans and repossessed assets compared with $81.1 million or 0.33% in the prior-year quarter.
The company recorded nil provisions for credit losses, unchanged from the prior-year quarter.
The company recorded net charge-offs of $500,000 compared with $561,000 in the year-ago quarter.
The allowance for loan losses was 1.02% of outstanding loans as of June 30, 2026, which declined 12 bps from the year-ago quarter.
BOKF’s Capital & Profitability Ratios
As of June 30, 2026, the common equity Tier 1 capital ratio was 12.89% compared with 13.59% a year earlier. The Tier 1 capital ratio and total capital ratio were 12.90% and 14.67%, respectively, compared with 13.60% and 14.48% as of June 30, 2025.
At the end of the second quarter, return on average equity was 11.73%, up from the year-earlier quarter’s 9.70%. Return on average assets was 1.30%, up from 1.07% a year ago.
BOK Financial’s Share Repurchase Update
The company repurchased 2,519 shares for $327,000 during the second quarter of 2026 at an average price of $129.89 per share.
Our View on BOK Financial
BOKF’s higher NII, fee income and solid loan balances continue to support its overall performance. The company’s improving profitability ratios and deposit growth are positive. However, rising operating expenses pose a near-term concern.
BOK Financial Corporation Price, Consensus and EPS Surprise
Currently, BOK Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Banks
First Horizon Corporation FHN posted second-quarter 2026 earnings per share of 54 cents, surpassing the Zacks Consensus Estimate of 52 cents. This compares favorably with 45 cents in the year-ago quarter.
FHN’s results benefited from higher NII and non-interest income, along with a lower provision for credit losses. Higher loan and deposit balances also provided support. However, rising expenses and weaker capital ratios were headwinds.
M&T Bank Corporation MTB reported second-quarter net operating earnings per share of $5.35, which beat the Zacks Consensus Estimate of $4.66. The bottom line compared favorably with earnings of $4.28 in the year-ago quarter.
MTB’s results were aided by higher NII and a rise in non-interest income on a year-over-year basis, along with loan growth. However, higher expenses acted as headwinds.
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BOK Financial Q2 Earnings Beat Estimates as NII & Fee Income Rise Y/Y

First Horizon Corporation FHN posted second-quarter 2026 earnings per share (EPS) of 54 cents, surpassing the Zacks Consensus Estimate of 52 cents. This compares favorably with 45 cents in the year-ago quarter.
Results benefited from higher net interest income (NII) and non-interest income, along with a lower provision for credit losses. Higher loan and deposit balances also provided support. However, rising expenses and weaker capital ratios were headwinds. Given these concerns, FHN shares lost nearly 3% in yesterday’s trading session.
Net income available to its common shareholders was $260 million, up 12% year over year.
FHN’s Revenues & Expenses Rise
Total quarterly revenues were $887 million, which increased 7% year over year. The top line surpassed the Zacks Consensus Estimate of $873.5 million.
NII increased 5% year over year to $676 million. Additionally, the net interest margin expanded 9 basis points from the prior-year quarter to 3.49%.
Non-interest income was $211 million, rising 12% year over year. The increase reflected growth in brokerage, trust and insurance income, fixed income revenues, mortgage banking revenues and deferred compensation income.
Non-interest expenses increased 8% year over year to $531 million. The rise was mainly due to higher salaries and benefits, outside services, occupancy and equipment, and deferred compensation expenses.
The efficiency ratio was 59.88%, up from 59.20% in the same quarter last year. A rise in the efficiency ratio indicates lower profitability.
FHN’s Q2 Segment Results
Commercial, Consumer and Wealth revenues were $777 million, up 3% year over year. The segment’s net income increased 3% to $304 million.
Wholesale revenues rose 13% year over year to $125 million. However, the segment’s net income declined 22% to $18 million.
Corporate revenues were negative $15 million compared with negative $38 million in the prior-year quarter. The segment reported a net loss of $48 million, narrower than the year-ago loss of $75 million.
FHN’s Loans & Deposits Balances Increase
Total period-end loans and leases, net of unearned income, were $65.3 billion, up 1.5% from the end of the prior quarter. Total period-end deposits were $68.1 billion, increasing 2.4% sequentially.
FHN’s Credit Quality Improves
Non-performing loans and leases totaled roughly $531 million, down from $593 million in the prior-year quarter. The non-performing loans and leases ratio declined to 0.81% from 0.94%.
The allowance for credit losses to loans and leases ratio was 1.24%, down from 1.42% in the year-ago quarter.
Net charge-offs were $33 million, down 3% year over year. Provision for credit losses was $15 million compared with $30 million in the year-ago quarter.
FHN’s Capital Ratios Deteriorate
As of June 30, 2026, the common equity tier 1 ratio was 10.5%, down from 11% reported at the end of the year-ago quarter.
The total capital ratio was 13.4%, down from 14% a year ago. The tier 1 leverage ratio declined slightly to 10.5% from 10.6% in the prior-year quarter.
FHN’s Capital Deployment
During the quarter, FHN repurchased $100 million worth of shares at an average price of $24.52 per share. The company had $665 million remaining under its share repurchase authorization.
Our Viewpoint on FHN
First Horizon benefited from higher net interest income, solid non-interest income growth, loan and deposit growth, and improved credit quality. However, rising expenses, a higher efficiency ratio and lower capital ratios remain areas to watch going forward.
First Horizon Corporation Price, Consensus and EPS Surprise
FHN currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Dates & Expectations of Other Stocks
Regions Financial RF is scheduled to release second-quarter 2026 earnings on July 17.
The consensus estimate for RF’s quarterly earnings has remained unchanged at 64 cents per share over the past seven days. This indicates a 6.7% increase from the year-ago reported level.
Truist Financial TFC is slated to report second-quarter 2026 results on July 17.
Over the past seven days, the Zacks Consensus Estimate for TFC’s quarterly earnings has remained unchanged at $1.08 per share. This indicates an 18.7% increase from the year-ago reported level.
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FHN Shares Fall Despite Q2 Earnings Beat on Higher NII & Fee Income

First Horizon National (FHN) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 2.63%. A quarter ago, it was expected that this bank holding company would post earnings of $0.46 per share when it actually produced earnings of $0.46, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
First Horizon, which belongs to the Zacks Banks - Southwest industry, posted revenues of $1.03 billion for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 25.70%. This compares to year-ago revenues of $743 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
First Horizon shares have lost about 47.7% since the beginning of the year versus the S&P 500's gain of 18.6%.
What's Next for First Horizon?
While First Horizon has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for First Horizon: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.37 on $820.81 million in revenues for the coming quarter and $1.52 on $3.31 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southwest is currently in the bottom 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Southside Bancshares (SBSI), has yet to report results for the quarter ended June 2023. The results are expected to be released on July 25.
This holding company for Southside Bank is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -12.7%. The consensus EPS estimate for the quarter has been revised 4.2% lower over the last 30 days to the current level.
Southside Bancshares' revenues are expected to be $64.9 million, up 1.5% from the year-ago quarter.
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First Horizon National (FHN) Q2 Earnings and Revenues Top Estimates

(RTTNews) - First Horizon Corporation (FHN) released a profit for its second quarter that Increases, from the same period last year
The company's bottom line totaled $260 million, or $0.54 per share. This compares with $233 million, or $0.45 per share, last year.
Excluding items, First Horizon Corporation reported adjusted earnings of $262 million or $0.54 per share for the period.
The company's revenue for the period rose 6.9% to $887 million from $830 million last year.
First Horizon Corporation earnings at a glance (GAAP) :
-Earnings: $260 Mln. vs. $233 Mln. last year. -EPS: $0.54 vs. $0.45 last year. -Revenue: $887 Mln vs. $830 Mln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

First Horizon Corporation Q2 Income Rises

The following companies are expected to report earnings prior to market open on 07/15/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
ASML Holding N.V. (ASML)is reporting for the quarter ending June 30, 2026. The capital goods company's consensus earnings per share forecast from the 3 analysts that follow the stock is $7.98. This value represents a 75.38% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ASML is 47.13 vs. an industry ratio of 42.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Johnson & Johnson (JNJ)is reporting for the quarter ending June 30, 2026. The large cap pharmaceutical company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.85. This value represents a 2.89% increase compared to the same quarter last year. In the past year JNJ has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 1.12%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for JNJ is 22.26 vs. an industry ratio of 17.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Morgan Stanley (MS)is reporting for the quarter ending June 30, 2026. The investment bankers company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.89. This value represents a 35.68% increase compared to the same quarter last year. In the past year MS has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 12.09%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MS is 18.45 vs. an industry ratio of 17.40, implying that they will have a higher earnings growth than their competitors in the same industry.
BlackRock, Inc. (BLK)is reporting for the quarter ending June 30, 2026. The finance/investment management company's consensus earnings per share forecast from the 6 analysts that follow the stock is $12.72. This value represents a 5.56% increase compared to the same quarter last year. In the past year BLK has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 9.34%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BLK is 19.05 vs. an industry ratio of 14.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Progressive Corporation (PGR)is reporting for the quarter ending June 30, 2026. The insurance (property & casualty) company's consensus earnings per share forecast from the 9 analysts that follow the stock is $4.58. This value represents a 6.15% decrease compared to the same quarter last year. PGR missed the consensus earnings per share in the 3rd calendar quarter of 2025 by -20.28%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for PGR is 13.55 vs. an industry ratio of 9.60, implying that they will have a higher earnings growth than their competitors in the same industry.
The Bank Of New York Mellon Corporation (BNY)is reporting for the quarter ending June 30, 2026. The bank company's consensus earnings per share forecast from the 5 analysts that follow the stock is $2.20. This value represents a 13.40% increase compared to the same quarter last year. In the past year BNY has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 15.98%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BNY is 16.92 vs. an industry ratio of 13.60, implying that they will have a higher earnings growth than their competitors in the same industry.
PNC Financial Services Group, Inc. (PNC)is reporting for the quarter ending June 30, 2026. The investment bankers company's consensus earnings per share forecast from the 6 analysts that follow the stock is $4.51. This value represents a 17.14% increase compared to the same quarter last year. In the past year PNC has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 4.85%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for PNC is 13.43 vs. an industry ratio of 17.40.
Elevance Health, Inc. (ELV)is reporting for the quarter ending June 30, 2026. The medical services company's consensus earnings per share forecast from the 18 analysts that follow the stock is $6.18. This value represents a 30.09% decrease compared to the same quarter last year. ELV missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -3.49%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ELV is 15.83 vs. an industry ratio of -19.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Cintas Corporation (CTAS)is reporting for the quarter ending May 31, 2026. The textile company's consensus earnings per share forecast from the 9 analysts that follow the stock is $1.24. This value represents a 13.76% increase compared to the same quarter last year. In the past year CTAS has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 0.81%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CTAS is 37.58 vs. an industry ratio of 17.00, implying that they will have a higher earnings growth than their competitors in the same industry.
M&T Bank Corporation (MTB)is reporting for the quarter ending June 30, 2026. The bank company's consensus earnings per share forecast from the 6 analysts that follow the stock is $4.66. This value represents a 8.88% increase compared to the same quarter last year. In the past year MTB has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 3.98%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MTB is 12.89 vs. an industry ratio of 13.60.
First Horizon Corporation (FHN)is reporting for the quarter ending June 30, 2026. The bank (southwest) company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.52. This value represents a 15.56% increase compared to the same quarter last year. In the past year FHN has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 8.16%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for FHN is 12.01 vs. an industry ratio of 12.10.
ConAgra Brands, Inc. (CAG)is reporting for the quarter ending May 31, 2026. The food company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.46. This value represents a 17.86% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CAG is 8.43 vs. an industry ratio of 9.70.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for July 15, 2026 : ASML, JNJ, MS, BLK, PGR, BNY, PNC, ELV, CTAS, MTB, FHN, CAG

Key Points
Merger-and-acquisitions activity among regional banks hit a seven-year high during the first half of 2026 alone.
Some of the larger, more acquisitive regional banks could continue to pursue mergers.
Merger mania continues unabated among regional banks. Currently at its highest level in seven years, merger and acquisition (M&A) transaction volume among banks reached $15.1 billion in the first six months of this year.
That's not even including several deals first announced in 2025 that have so far closed this year, including deals that overnight have significantly bulked up national presence for regional banks including PNC Financial Services (NYSE: PNC), Fifth Third (NYSE: FITB), Huntington Bancshares (NASDAQ: HBAN) and Pinnacle Financial Partners (NYSE: PNFP). As the trend continues, what are the top regional bank takeover targets? Let's dive in and find out.
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This year's top buyers could pursue more takeovers
The aforementioned regional banks are front and center in some of the highest-profile bank M&A deals of early 2026. PNC, formerly East Coast-focused, completed its merger with FirstBank in January, expanding its presence in Western states such as Arizona and Colorado. In January, Pinnacle closed on its merger with Synovus, creating a new regional banking powerhouse in the Southeastern U.S.
In February, Fifth Third completed its merger with Comerica. Besides bolstering its Midwest presence, this transaction also increased Fifth Third's exposure to Sunbelt regions such as Texas and California. Also at the start of 2026, Huntington Bancshares completed its acquisition of Texas-based Cadence Bank.
After digesting such large deals, many of these banks could seek more deals, and not only for geographic diversification. These transactions also provide regional banks with the opportunity to quickly increase their deposit bases. Mergers between regional banks can also create favorable cost and growth synergies. For the larger, more profitable regional banks, these deals can often be immediately accretive, thanks to relatively high stock market valuations. A favorable regulatory climate, which could end after this year's midterm elections, is another factor driving this latest bank consolidation wave.
PNC and Fifth Third, for example, each trade at a forward price-to-earnings ratio in the mid-teens. Acquiring banks with lower valuations in all-stock transactions can immediately boost earnings per share (EPS), even before implementing cost reduction measures.
Top targets among regional banks
Although Fifth Third and PNC could continue as top buyers, what are some likely targets among regional bank stocks? Banks that have come under shareholder activist pressure from HoldCo Asset Management, including KeyCorp (NYSE: KEY) and Eastern Bankshares (NASDAQ: EBC) could be top targets for a regional bank merger deal.
KeyCorp and Eastern's presence in the Midwest and Northeast, respectively, could make them prime acquisition candidates for banks looking to expand in either region. Even as management at both banks was successful in keeping their mutual activist at bay, shareholder dissatisfaction could pressure their respective managements to pursue strategic alternatives, including a sale or merger.
Large banks that haven't experienced high-profile activist campaigns but are trading at low valuations could also be prime targets for the most acquisitive regional banks. Some names that spring to mind include First Horizon (NYSE: FHN), FNB Corporation (NYSE: FNB), and Webster Financial (NYSE: WBS). Each of these regional banks trades at a lower forward valuation than the aforementioned richly priced serial acquirers.
However, I wouldn't buy any of these financial stocks solely on takeover potential. I would approach each one under the assumption that they will stay independent, by assessing other factors, such as deposit growth, earnings growth, and any potential acquisition efforts each one may have planned. I also wouldn't rule out buying some of the acquirer stocks, especially Huntington Bancshares. It's already trading at a discount, and success in integrating its recent acquisitions could result not just in better-than-expected earnings growth but also in improved sentiment about the stock.
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Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.