First Horizon (NYSE:FHN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of First Horizon (NYSE:FHN) from a sell rating to a hold rating in a report released on Saturday.

Several other analysts have also recently weighed in on FHN. Barclays cut their price target on shares of First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Raymond James cut their price target on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Jefferies Financial Group assumed coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a “buy” rating and a $25.00 price target on the stock. Bank of America lifted their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, April 17th. Finally, Truist Financial assumed coverage on shares of First Horizon in a report on Tuesday, May 13th. They set a “hold” rating and a $21.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $22.53.

First Horizon Trading Up 1.8%

FHN stock opened at $19.44 on Friday. The company has a market capitalization of $9.86 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 1.19 and a beta of 0.61. First Horizon has a one year low of $14.11 and a one year high of $22.44. The company’s 50 day moving average price is $18.97 and its two-hundred day moving average price is $19.83. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The firm had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. During the same period last year, the firm posted $0.35 earnings per share. As a group, analysts predict that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon’s dividend payout ratio is presently 41.67%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after purchasing an additional 3,400,811 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of First Horizon by 2,658.3% during the first quarter. GAMMA Investing LLC now owns 251,470 shares of the financial services provider’s stock valued at $4,884,000 after purchasing an additional 242,353 shares during the last quarter. Atria Investments Inc purchased a new position in shares of First Horizon during the fourth quarter valued at approximately $442,000. Johnson Investment Counsel Inc. raised its holdings in shares of First Horizon by 2.8% during the fourth quarter. Johnson Investment Counsel Inc. now owns 2,661,592 shares of the financial services provider’s stock valued at $53,604,000 after purchasing an additional 72,339 shares during the last quarter. Finally, Versor Investments LP purchased a new position in shares of First Horizon during the fourth quarter valued at approximately $294,000. 80.28% of the stock is 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.