Raymond James cut shares of First Horizon (NYSE:FHN – Free Report) from a strong-buy rating to an outperform rating in a research report report published on Thursday morning, Marketbeat reports. The firm currently has $18.00 price objective on the financial services provider’s stock.
Several other brokerages have also commented on FHN. Wedbush reaffirmed an outperform rating and issued a $17.00 price target on shares of First Horizon in a research note on Wednesday, April 10th. Barclays upped their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a research report on Monday, June 24th. Jefferies Financial Group lifted their price target on shares of First Horizon from $17.00 to $18.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. Stephens assumed coverage on shares of First Horizon in a report on Thursday, May 23rd. They issued an overweight rating and a $19.00 price objective on the stock. Finally, Royal Bank of Canada raised shares of First Horizon from a sector perform rating to an outperform rating and increased their price objective for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $17.31.
Check Out Our Latest Report on FHN
First Horizon Trading Down 1.5 %
First Horizon (NYSE:FHN – Get Free Report) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the prior year, the business earned $0.39 EPS. Analysts predict that First Horizon will post 1.52 EPS for the current fiscal year.
First Horizon Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.70%. First Horizon’s dividend payout ratio (DPR) is 41.96%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of First Horizon during the 1st quarter worth $25,000. Raleigh Capital Management Inc. acquired a new position in First Horizon in the fourth quarter valued at $28,000. Fidelis Capital Partners LLC purchased a new position in shares of First Horizon during the first quarter worth about $28,000. Fortitude Family Office LLC increased its position in shares of First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Richardson Financial Services Inc. purchased a new stake in shares of First Horizon in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 80.28% of the company’s stock.
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.
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