First Horizon (NYSE:FHN) Shares Gap Down – Time to Sell?

First Horizon Corporation (NYSE:FHN) gapped down before the market opened on Wednesday . The stock had previously closed at $25.72, but opened at $24.80. First Horizon shares last traded at $24.6420, with a volume of 1,639,862 shares.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FHN shares. Raymond James Financial boosted their price target on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday, July 1st. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $27.12.

First Horizon Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $11.80 billion, a P/E ratio of 12.44, a P/E/G ratio of 1.00 and a beta of 0.60. The stock’s fifty day moving average price is $24.72 and its two-hundred day moving average price is $24.25.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. During the same period last year, the firm posted $0.45 earnings per share. As a group, equities analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.7%. First Horizon’s payout ratio is presently 34.00%.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. lifted its holdings in shares of First Horizon by 0.3% in the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock worth $3,162,000 after buying an additional 425 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in First Horizon by 3.4% during the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in First Horizon by 0.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock valued at $1,641,000 after acquiring an additional 489 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after acquiring an additional 507 shares during the last quarter. Finally, Aaron Wealth Advisors LLC lifted its stake in First Horizon by 5.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 511 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.