First Horizon Corporation (NYSE:FHN) Receives Consensus Rating of “Hold” from Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have received a consensus recommendation of “Hold” from the twenty research firms that are covering the company, MarketBeat reports. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $26.6579.

Several equities analysts have commented on the stock. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. JPMorgan Chase & Co. upped their price target on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Robert W. Baird lowered First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. DA Davidson raised their price objective on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, January 16th. Finally, The Goldman Sachs Group set a $27.00 target price on First Horizon and gave the stock a “neutral” rating in a report on Tuesday, January 6th.

First Horizon Stock Performance

FHN stock opened at $22.09 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of 11.75, a P/E/G ratio of 0.85 and a beta of 0.61. First Horizon has a 12 month low of $15.19 and a 12 month high of $26.56. The firm has a 50 day moving average of $23.88 and a two-hundred day moving average of $23.08.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The business had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. During the same quarter last year, the firm earned $0.43 EPS. As a group, equities analysts anticipate that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.17 dividend. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s payout ratio is 36.17%.

Insider Buying and Selling at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FHN. Goldman Sachs Group Inc. boosted its holdings in First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after acquiring an additional 865,109 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of 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. Allworth Financial LP lifted its position in shares of First Horizon by 57.9% during the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 757 shares during the last quarter. Creative Planning boosted its stake in First Horizon by 6.4% during the 2nd quarter. Creative Planning now owns 113,777 shares of the financial services provider’s stock valued at $2,412,000 after purchasing an additional 6,863 shares during the period. Finally, Cetera Investment Advisers boosted its stake in First Horizon by 17.8% during the 2nd quarter. Cetera Investment Advisers now owns 44,960 shares of the financial services provider’s stock valued at $953,000 after purchasing an additional 6,796 shares during the period. Institutional investors own 80.28% of the company’s stock.

About First Horizon

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.