First Horizon (NYSE:FHN) Rating Increased to Hold at Wall Street Zen

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

A number of other analysts have also commented on FHN. Wells Fargo & Company lifted their target price on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Truist Financial lifted their target price on First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Cowen assumed coverage on First Horizon in a report on Wednesday, September 24th. They issued a “hold” rating for the company. Bank of America lifted their target price on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Finally, TD Cowen assumed coverage on First Horizon in a report on Thursday, September 25th. They issued a “hold” rating and a $25.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $24.94.

First Horizon Stock Down 4.8%

FHN stock opened at $22.30 on Friday. First Horizon has a twelve month low of $15.19 and a twelve month high of $23.63. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market cap of $11.32 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.04 and a beta of 0.67. The business has a 50 day moving average of $22.41 and a 200 day moving average of $20.69.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same quarter last year, the company earned $0.36 EPS. On average, research analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio (DPR) is 38.71%.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,295 shares of company stock worth $3,322,663. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently bought and sold shares of FHN. Norges Bank purchased a new position in First Horizon during the second quarter valued at $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Horizon by 53.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after purchasing an additional 4,392,405 shares in the last quarter. William Blair Investment Management LLC purchased a new position in First Horizon during the second quarter valued at $79,776,000. Invesco Ltd. lifted its position in First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after purchasing an additional 2,968,012 shares in the last quarter. Finally, Nuveen LLC purchased a new position in First Horizon during the first quarter valued at $46,640,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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.