First Horizon Corporation (NYSE:FHN) Given Consensus Rating of “Hold” by Analysts

First Horizon Corporation (NYSE:FHN) has been assigned an average recommendation of “Hold” from the twenty brokerages that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $27.2632.

A number of research analysts have recently issued reports on the company. Autonomous Res cut First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. UBS Group restated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Raymond James Financial raised their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Wells Fargo & Company started coverage on First Horizon in a research report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price objective for the company.

First Horizon Trading Up 0.6%

Shares of FHN opened at $24.56 on Thursday. First Horizon has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The firm has a market cap of $11.64 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.61. The firm has a 50 day moving average price of $25.47 and a 200-day moving average price of $24.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same quarter last year, the firm earned $0.45 EPS. As a group, equities research analysts forecast that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is owned by insiders.

Institutional Trading of First Horizon

A number of institutional investors have recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in First Horizon during the 2nd quarter valued at about $5,185,000. California State Teachers Retirement System lifted its holdings in First Horizon by 2,273.6% in the 2nd quarter. California State Teachers Retirement System now owns 14,208,714 shares of the financial services provider’s stock worth $364,311,000 after buying an additional 13,610,099 shares during the period. Wedmont Private Capital grew its position in shares of First Horizon by 2.8% in the 2nd quarter. Wedmont Private Capital now owns 46,221 shares of the financial services provider’s stock worth $1,190,000 after buying an additional 1,275 shares during the last quarter. HB Wealth Management LLC grew its position in shares of First Horizon by 10.5% in the 2nd quarter. HB Wealth Management LLC now owns 54,413 shares of the financial services provider’s stock worth $1,395,000 after buying an additional 5,180 shares during the last quarter. Finally, AlphaGrep UK Ltd bought a new stake in shares of First Horizon in the 2nd quarter worth approximately $849,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.