First Horizon (NYSE:FHN) Stock Moved Down to Sell by Wall Street Zen

Wall Street Zen downgraded shares of First Horizon (NYSE:FHN) from a hold rating to a sell rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

A number of other equities research analysts have also commented on FHN. Morgan Stanley began coverage on First Horizon in a research report on Tuesday, September 8th. They set an “equal weight” rating and a $30.00 price objective for the company. Raymond James Financial lifted their target price on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Wells Fargo & Company dropped their target price on First Horizon from $28.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 30th. Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday, July 1st. Finally, UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $26.98.

First Horizon Price Performance

FHN opened at $23.07 on Friday. The firm has a market capitalization of $10.93 billion, a P/E ratio of 11.04, a PEG ratio of 0.99 and a beta of 0.61. The stock has a fifty day moving average of $24.44 and a 200-day moving average of $24.51. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon has a 12-month low of $19.80 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%. During the same quarter in the previous year, the company posted $0.45 earnings per share. Equities analysts forecast that First Horizon will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were paid 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 is 32.54%.

Insider Buying and Selling at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.91% of the company’s stock.

Institutional Trading of First Horizon

A number of institutional investors have recently bought and sold shares of FHN. GAMMA Investing LLC increased its holdings in shares of First Horizon by 2.8% during the 3rd quarter. GAMMA Investing LLC now owns 20,261 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 558 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in First Horizon by 5.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 9,212 shares of the financial services provider’s stock worth $212,000 after purchasing an additional 459 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in First Horizon in the 2nd quarter worth approximately $261,000. Sequoia Financial Advisors LLC lifted its holdings in First Horizon by 18.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 29,393 shares of the financial services provider’s stock worth $754,000 after purchasing an additional 4,610 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in First Horizon by 232.0% during the second quarter. Tidal Investments LLC now owns 128,311 shares of the financial services provider’s stock worth $3,290,000 after purchasing an additional 89,660 shares during the period. 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.