First Horizon (NYSE:FHN) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of First Horizon (NYSE:FHN) from a hold rating to a sell rating in a research note published on Saturday morning.

Other equities analysts have also issued research reports about the company. Citigroup raised their price target on First Horizon from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Bank of America raised their price target on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Royal Bank Of Canada reissued an “outperform” rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Jefferies Financial Group initiated coverage on First Horizon in a report on Wednesday, May 21st. They set a “buy” rating and a $25.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on First Horizon from $19.50 to $22.50 and gave the stock a “neutral” rating in a report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.28.

First Horizon Stock Performance

Shares of FHN stock opened at $22.49 on Friday. The stock’s 50-day moving average is $21.60 and its two-hundred day moving average is $20.12. The firm has a market cap of $11.42 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.07 and a beta of 0.65. First Horizon has a 1 year low of $14.82 and a 1 year high of $23.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon Dividend Announcement

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

Insider Transactions at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the firm’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 38,010 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the sale, the executive vice president owned 550,011 shares of the company’s stock, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their position. The disclosure for this sale can be found here. 1.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kestra Investment Management LLC lifted its position in shares of First Horizon by 873.1% during the 2nd 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. FORA Capital LLC acquired a new stake in shares of First Horizon during the 2nd quarter valued at approximately $384,000. Captrust Financial Advisors lifted its position in shares of First Horizon by 15.1% during the 2nd quarter. Captrust Financial Advisors now owns 99,549 shares of the financial services provider’s stock valued at $2,110,000 after acquiring an additional 13,062 shares during the period. HRT Financial LP acquired a new stake in shares of First Horizon during the 2nd quarter valued at approximately $6,511,000. Finally, Holocene Advisors LP acquired a new stake in shares of First Horizon during the 2nd quarter valued at approximately $17,926,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

About First Horizon

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.