First Horizon (NYSE:FHN) Rating Increased to Strong-Buy at Autonomous Res

Autonomous Res upgraded shares of First Horizon (NYSE:FHN) from a strong sell rating to a strong-buy rating in a research report released on Tuesday morning,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price target on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Wells Fargo & Company lifted their price target on First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. Finally, Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.73.

First Horizon Stock Performance

Shares of FHN opened at $26.01 on Tuesday. The firm has a 50-day moving average price of $24.53 and a 200 day moving average price of $24.15. The firm has a market capitalization of $12.35 billion, a PE ratio of 13.01, a P/E/G ratio of 1.00 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 52-week low of $19.80 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. First Horizon’s revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. On average, sell-side analysts anticipate that First Horizon will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, June 12th. First Horizon’s payout ratio is presently 34.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC raised its holdings in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the period. Geneos Wealth Management Inc. boosted its stake in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the period. Basecamp Wealth Advisors LLC boosted its stake in First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares during the period. Cary Street Partners Investment Advisory LLC grew its position in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in First Horizon during the 4th quarter worth approximately $51,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.