First Horizon (NYSE:FHN) Downgraded to Strong Sell Rating by Autonomous Res

Autonomous Res downgraded shares of First Horizon (NYSE:FHN) from a strong-buy rating to a strong sell rating in a research note published on Wednesday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. TD Cowen upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, January 16th. Barclays lowered their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. The Goldman Sachs Group set a $27.00 price objective on shares of First Horizon and gave the stock a “neutral” rating in a report on Tuesday, January 6th. 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. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Down 0.3%

FHN traded down $0.07 during trading on Wednesday, hitting $24.89. 3,068,205 shares of the company’s stock were exchanged, compared to its average volume of 5,024,816. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $23.46 and its two-hundred day moving average is $23.29. First Horizon has a fifty-two week low of $18.43 and a fifty-two week high of $26.56. The stock has a market cap of $11.89 billion, a P/E ratio of 12.45, a PEG ratio of 0.97 and a beta of 0.62.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping 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 firm had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. As a group, equities analysts expect that First Horizon will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders 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 dividend yield of 2.7%. First Horizon’s dividend payout ratio is currently 34.00%.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in shares of First Horizon in the third quarter valued at about $25,000. Root Financial Partners LLC purchased a new stake in First Horizon during the third quarter worth about $31,000. Kestra Investment Management LLC increased its holdings in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares during the last quarter. TD Waterhouse Canada Inc. increased its holdings in 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 buying an additional 900 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after buying an additional 635 shares during the last quarter. Hedge funds and other 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.