First Horizon (NYSE:FHN) Raised to Strong-Buy at Autonomous Res

First Horizon (NYSE:FHN) was upgraded by equities researchers at Autonomous Res from a “strong sell” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other research firms have also weighed in on FHN. JPMorgan Chase & Co. upped their price objective on First Horizon from $26.00 to $28.50 and gave the stock a “neutral” rating in a research report on Wednesday. DA Davidson reaffirmed a “neutral” rating and issued a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. Wells Fargo & Company lifted their price objective on First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, March 30th. UBS Group downgraded First Horizon from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $29.00 to $25.00 in a research report on Tuesday, April 7th. Finally, Barclays reduced their target price on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $26.73.

First Horizon Stock Up 1.5%

Shares of FHN opened at $26.01 on Tuesday. The company’s 50-day simple moving average is $24.53 and its 200-day simple moving average is $24.15. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. First Horizon has a 1 year low of $19.80 and a 1 year high of $26.56. The stock has a market capitalization of $12.35 billion, a PE ratio of 13.01, a P/E/G ratio of 1.00 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 earnings per share. Analysts forecast that First Horizon will post 2.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FHN. North Reef Capital Management LP raised its position in shares of First Horizon by 25.5% during 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 acquiring an additional 2,936,368 shares in the last quarter. Invesco Ltd. boosted its holdings in First Horizon by 5.6% in the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock valued at $192,007,000 after purchasing an additional 426,951 shares in the last quarter. Norges Bank acquired a new position in First Horizon in the fourth quarter valued at approximately $153,942,000. William Blair Investment Management LLC increased its stake in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after purchasing an additional 116,191 shares during the last quarter. Finally, Morgan Stanley increased its stake in First Horizon by 10.4% in the fourth quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock valued at $124,580,000 after purchasing an additional 491,464 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

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.