First Horizon (NYSE:FHN) Upgraded by Hovde Group to Hold Rating

Hovde Group upgraded shares of First Horizon (NYSE:FHN) to a hold rating in a report published on Thursday morning,Zacks reports.

Several other research firms also recently commented on FHN. Fundamental Research set a $28.50 target price on First Horizon in a research report on Wednesday, July 1st. Raymond James Financial lifted their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Wells Fargo & Company began coverage on First Horizon in a research note on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Finally, Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.33.

First Horizon Price Performance

Shares of FHN opened at $24.04 on Thursday. The firm has a market capitalization of $11.39 billion, a PE ratio of 11.50, a PEG ratio of 0.95 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The company’s 50-day moving average is $25.18 and its 200-day moving average is $24.43. First Horizon has a fifty-two week low of $19.80 and a fifty-two week high of $26.56.

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

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon’s dividend payout ratio is currently 32.54%.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value 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. The trade was a 5.11% decrease in their position. The sale 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 company insiders.

Institutional Trading of First Horizon

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in First Horizon during the second quarter worth $1,505,239,000. Bank of New York Mellon Corp bought a new position in shares of First Horizon in the 2nd quarter valued at $747,445,000. Norges Bank bought a new position in shares of First Horizon in the 4th quarter valued at $153,942,000. William Blair Investment Management LLC acquired a new position in shares of First Horizon during the 2nd quarter worth $123,283,000. Finally, Bank of America Corp DE acquired a new position in shares of First Horizon during the 2nd quarter worth $96,739,000. 80.28% of the stock is owned by institutional investors and hedge funds.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.