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 morning,Wall Street Zen reports.

FHN has been the subject of a number of other reports. UBS Group restated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Evercore reiterated a “hold” rating and issued a $25.00 target price on shares of First Horizon in a research note on Thursday. Raymond James Financial boosted their target price on shares of First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. National Bank Financial set a $30.00 price target on shares of First Horizon in a research report on Tuesday, September 8th. Finally, Fundamental Research set a $28.50 price target on shares of First Horizon in a report on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.07.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $23.39 on Friday. The firm has a 50 day moving average of $24.65 and a 200 day moving average of $24.48. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.08 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.94 and a beta of 0.61. First Horizon has a 52 week low of $19.80 and a 52 week high of $26.56.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same quarter last year, the firm earned $0.45 EPS. On average, sell-side analysts predict that First Horizon will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were given a $0.17 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

Insiders Place Their Bets

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Horizon

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of First Horizon during the second quarter valued at about $1,505,239,000. Bank of New York Mellon Corp acquired a new stake in First Horizon in the 2nd quarter worth approximately $747,445,000. North Reef Capital Management LP boosted its stake in First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after purchasing an additional 2,936,368 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in First Horizon during the 2nd quarter worth approximately $123,283,000. Finally, Bank of America Corp DE purchased a new stake in First Horizon during the 2nd quarter worth approximately $96,739,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Company Profile

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.