Wall Street Zen cut shares of First Horizon (NYSE:FHN – Free Report) from a hold rating to a sell rating in a research note published on Sunday morning,Wall Street Zen reports.
Several other equities analysts have also weighed in on the stock. Truist Financial reduced their price objective on shares of First Horizon from $27.00 to $25.00 and set a “hold” rating for the company in a research report on Friday. Fundamental Research set a $28.50 target price on shares of First Horizon in a report on Wednesday, July 1st. Hovde Group initiated coverage on shares of First Horizon in a report on Thursday, September 17th. They issued a “market perform” rating and a $25.00 target price on the stock. Evercore reissued a “hold” rating and set a $25.00 target price on shares of First Horizon in a research note on Thursday, October 1st. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.98.
Check Out Our Latest Stock Analysis on FHN
First Horizon Trading Down 1.1%
First Horizon (NYSE:FHN – Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%. The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period in the previous year, the company earned $0.45 earnings per share. On average, equities analysts forecast that First Horizon will post 2.15 EPS for the current fiscal year.
First Horizon Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.
Insider Buying and Selling at First Horizon
In related news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.91% of the stock is owned by company insiders.
Institutional Trading of First Horizon
Hedge funds have recently bought and sold shares of the company. Ancora Advisors LLC bought a new position in First Horizon in the 2nd quarter worth $42,000. Basecamp Wealth Advisors LLC lifted its position in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 746 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in First Horizon by 58.1% during the second quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 864 shares during the period. Transamerica Financial Advisors LLC bought a new stake in First Horizon during the second quarter valued at about $70,000. Finally, Cedar Mountain Advisors LLC bought a new stake in First Horizon during the first quarter valued at about $77,000. 80.28% of the stock is owned by hedge funds and other institutional investors.
About First Horizon
First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.
Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.
The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.
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