First Horizon (NYSE:FHN) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of First Horizon (NYSE:FHN) from a hold rating to a sell rating in a research report released on Sunday morning.

Several other brokerages have also recently issued reports on FHN. Citigroup lifted their target price on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Truist Financial assumed coverage on First Horizon in a report on Tuesday, May 13th. They issued a “hold” rating and a $21.00 target price on the stock. Baird R W raised First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Robert W. Baird raised First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Monday, April 7th. Finally, Jefferies Financial Group assumed coverage on First Horizon in a research report on Wednesday, May 21st. They set a “buy” rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.53.

First Horizon Stock Performance

Shares of First Horizon stock opened at $20.38 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.20. First Horizon has a twelve month low of $14.34 and a twelve month high of $22.44. The stock has a market cap of $10.34 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.03 and a beta of 0.61. The company’s fifty day moving average is $19.25 and its 200 day moving average is $19.80.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. The firm had revenue of $823.69 million for the quarter, compared to analysts’ expectations of $825.11 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. Sell-side analysts forecast that First Horizon will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon’s dividend payout ratio (DPR) is 41.67%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in First Horizon by 160.1% during the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after purchasing an additional 3,400,811 shares during the last quarter. SG Americas Securities LLC grew its holdings in First Horizon by 286.9% during the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider’s stock worth $1,230,000 after acquiring an additional 46,975 shares during the last quarter. LifeWealth Investments LLC bought a new stake in First Horizon during the 1st quarter worth about $256,000. GAMMA Investing LLC boosted its stake in shares of First Horizon by 2,658.3% in the 1st quarter. GAMMA Investing LLC now owns 251,470 shares of the financial services provider’s stock valued at $4,884,000 after purchasing an additional 242,353 shares during the last quarter. Finally, CWA Asset Management Group LLC bought a new position in shares of First Horizon in the 1st quarter valued at about $2,401,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Company Profile

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.