Shares of First Horizon Corporation (NYSE:FHN – Get Free Report) have been given a consensus recommendation of “Hold” by the twenty-two brokerages that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $27.3333.
A number of analysts have issued reports on the company. Hovde Group began coverage on First Horizon in a research note on Thursday. They issued a “market perform” rating and a $25.00 price objective on the stock. Raymond James Financial increased their price target on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of First Horizon in a research report on Friday, September 4th. Wells Fargo & Company initiated coverage on First Horizon in a research note on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective on the stock. Finally, Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th.
View Our Latest Stock Report on FHN
Insiders Place Their Bets
Institutional Investors Weigh In On First Horizon
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of First Horizon during the 2nd quarter worth about $1,505,239,000. Bank of New York Mellon Corp purchased a new position in shares of First Horizon during the second quarter valued at approximately $747,445,000. North Reef Capital Management LP grew its stake in shares of First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after buying an additional 2,936,368 shares during the last quarter. Norges Bank bought a new position in shares of First Horizon during the fourth quarter valued at approximately $153,942,000. Finally, William Blair Investment Management LLC raised its holdings in shares of First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after buying an additional 116,191 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.
First Horizon Stock Performance
Shares of NYSE FHN opened at $23.93 on Monday. The company has a market cap of $11.34 billion, a P/E ratio of 11.45, a P/E/G ratio of 0.95 and a beta of 0.60. First Horizon has a 52-week low of $19.80 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The firm’s fifty day moving average is $25.14 and its two-hundred day moving average is $24.43.
First Horizon (NYSE:FHN – Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, analysts anticipate that First Horizon will post 2.15 EPS for the current fiscal year.
First Horizon Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders 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 annualized dividend and a dividend yield of 2.8%. First Horizon’s payout ratio is currently 32.54%.
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.
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