First Horizon (NYSE:FHN) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded First Horizon to “Sell” from “Hold,” while the broader analyst consensus remains “Hold,” with nine Buys, twelve Holds, and one Sell and an average price target of $26.98.
• First Horizon shares opened at $23.07, down 1.0%, with a market capitalization of approximately $10.93 billion and a 52-week trading range of $19.80 to $26.56.
• The company exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.52 consensus and revenue of $887 million versus estimates of $878.42 million; institutional investors own about 80.28% of its stock.

First Horizon (NYSE:FHN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Sunday, Wall Street Zen reports.

A number of other brokerages have also commented on FHN. Truist Financial dropped their price target on First Horizon from $27.00 to $25.00 and set a "hold" rating for the company in a research note on Friday. UBS Group restated a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. Hovde Group began coverage on shares of First Horizon in a research report on Thursday, September 17th. They issued a "market perform" rating and a $25.00 target price for the company. Morgan Stanley assumed coverage on shares of First Horizon in a research note on Tuesday, September 8th. They set an "equal weight" rating and a $30.00 target price on the stock. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of First Horizon in a research report on Friday, September 4th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $26.98.

First Horizon Trading Down 1.0%

FHN opened at $23.07 on Friday. First Horizon has a one year low of $19.80 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The business has a 50 day simple moving average of $24.44 and a two-hundred day simple moving average of $24.50. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 0.99 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%. The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period last year, the company earned $0.45 EPS. Analysts predict that First Horizon will post 2.15 EPS for the current year.

Insider Buying and Selling

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the sale, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.91% of the company's stock.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ancora Advisors LLC purchased a new stake in shares of First Horizon during the second quarter valued at approximately $42,000. Basecamp Wealth Advisors LLC increased its position in shares of First Horizon by 56.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 746 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in First Horizon by 58.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider's stock worth $60,000 after acquiring an additional 864 shares during the last quarter. Transamerica Financial Advisors LLC purchased a new position in First Horizon in the 2nd quarter worth approximately $70,000. Finally, Cedar Mountain Advisors LLC bought a new position in First Horizon in the 1st quarter valued at approximately $77,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

About First Horizon

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.

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