First Horizon (NYSE:FHN) Earns Hold Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of First Horizon (NYSE:FHN) in a research report released on Tuesday, Marketbeat.com reports. The firm issued a hold rating and a $21.00 price target on the financial services provider’s stock.

A number of other research firms have also issued reports on FHN. Baird R W raised First Horizon from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Barclays dropped their target price on First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Monday. Royal Bank of Canada dropped their target price on First Horizon from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, April 17th. Finally, Citigroup upped their price objective on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $21.97.

First Horizon Price Performance

Shares of NYSE FHN opened at $20.31 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon has a twelve month low of $14.09 and a twelve month high of $22.44. The stock has a 50 day moving average of $18.36 and a two-hundred day moving average of $19.77. The stock has a market cap of $10.30 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.19 and a beta of 0.59.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to analysts’ expectations of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the business earned $0.35 earnings per share. On average, research analysts forecast that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.95%. First Horizon’s payout ratio is 41.67%.

Institutional Trading of First Horizon

A number of institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock worth $747,822,000 after purchasing an additional 7,715,191 shares in the last quarter. Millennium Management LLC lifted its position in shares of First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock valued at $428,686,000 after acquiring an additional 10,763,349 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Horizon by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider’s stock valued at $400,173,000 after acquiring an additional 97,429 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock valued at $165,199,000 after acquiring an additional 6,827,040 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after acquiring an additional 2,968,012 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.