First Horizon Corporation (NYSE:FHN) Given Average Rating of “Hold” by Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have earned a consensus recommendation of “Hold” from the twenty-one research firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $26.4474.

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and cut their price objective for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Citigroup increased their price objective on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, Weiss Ratings upgraded shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 16th.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently bought and sold shares of FHN. Atlantic Union Bankshares Corp acquired a new stake in First Horizon in the third quarter worth $25,000. Root Financial Partners LLC acquired a new stake in First Horizon in the third quarter worth $31,000. Kestra Investment Management LLC raised its holdings in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised its holdings in First Horizon by 156.7% in the first 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. Finally, TD Waterhouse Canada Inc. increased its position in shares of First Horizon by 122.3% during the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 900 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Price Performance

FHN opened at $23.76 on Tuesday. The company’s 50 day simple moving average is $23.47 and its 200-day simple moving average is $23.54. First Horizon has a one year low of $19.03 and a one year high of $26.56. The stock has a market capitalization of $11.28 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 0.92 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same period in the prior year, the business posted $0.42 earnings per share. First Horizon’s revenue was up 6.2% compared to the same quarter last year. Sell-side analysts anticipate that First Horizon will post 2.16 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.17 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is 34.00%.

First Horizon Company Profile

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.