First Horizon (NYSE:FHN) Stock Rating Upgraded by Wall Street Zen

First Horizon (NYSE:FHN) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of First Horizon in a research note on Friday, September 4th. JPMorgan Chase & Co. reduced 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 note on Thursday, July 16th. Truist Financial raised their target price on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. Finally, Morgan Stanley initiated coverage on First Horizon in a research report on Tuesday, September 8th. They set an “equal weight” rating and a $30.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $27.07.

First Horizon Price Performance

FHN stock opened at $23.45 on Friday. The company’s 50-day moving average price is $24.69 and its two-hundred day moving average price is $24.47. The firm has a market cap of $11.11 billion, a P/E ratio of 11.22, a P/E/G ratio of 0.94 and a beta of 0.61. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon has a 12 month low of $19.80 and a 12 month high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the business earned $0.45 earnings per share. On average, analysts anticipate that First Horizon will post 2.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is currently owned by insiders.

Institutional Trading of First Horizon

Several hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. grew its position in shares of First Horizon by 0.3% in the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock valued at $3,162,000 after purchasing an additional 425 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in First Horizon by 1.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock worth $963,000 after purchasing an additional 507 shares in the last quarter. Summit Asset Management LLC lifted its holdings in First Horizon by 4.0% during the 1st quarter. Summit Asset Management LLC now owns 18,023 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 695 shares in the last quarter. 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. Finally, Parallel Advisors LLC grew its holdings in First Horizon by 29.4% during the 1st quarter. Parallel Advisors LLC now owns 3,740 shares of the financial services provider’s stock valued at $85,000 after buying an additional 850 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Company Profile

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.