First Horizon (NYSE:FHN) Stock Rating Raised 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 report published on Saturday,Wall Street Zen reports.

Several other equities analysts have also commented on FHN. Wells Fargo & Company lowered their target price on First Horizon from $28.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday. UBS Group reissued a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Raymond James Financial upped their price objective on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Citigroup reduced their price target on shares of First Horizon from $28.50 to $28.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Finally, JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $27.07.

First Horizon Trading Up 1.7%

NYSE FHN opened at $23.45 on Friday. First Horizon has a one year low of $19.80 and a one year high of $26.56. The company has a 50-day simple moving average of $24.69 and a 200-day simple moving average of $24.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market capitalization of $11.11 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.94 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, equities analysts forecast that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

Insider Activity at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of First Horizon in the 2nd quarter worth $1,505,239,000. Bank of New York Mellon Corp purchased a new position in shares of First Horizon in the second quarter worth approximately $747,445,000. William Blair Investment Management LLC purchased a new stake in shares of First Horizon in the 2nd quarter valued at approximately $123,283,000. Bank of America Corp DE purchased a new position in First Horizon during the 2nd quarter worth approximately $96,739,000. Finally, Sculptor Capital LP purchased a new stake in shares of First Horizon in the second quarter valued at $84,612,000. Institutional investors own 80.28% of the company’s stock.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.