First Horizon (NYSE:FHN) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded First Horizon from “sell” to “hold,” while the broader analyst consensus remains “hold,” with nine buys, 12 holds, and one sell rating.
• Analysts’ consensus price target is $27.07, compared with the stock’s Friday opening price of $23.45; other firms recently set targets between $27.00 and $28.50.
• First Horizon exceeded quarterly expectations, reporting $0.54 in EPS versus a $0.52 estimate and $887 million in revenue versus an $878.42 million forecast. Institutional investors own 80.28% of the company.

First Horizon (NYSE:FHN - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued research reports about the stock. Raymond James Financial raised their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Citigroup cut their price target on First Horizon from $28.50 to $28.00 and set a "buy" rating on the stock in a research note on Tuesday, September 22nd. Truist Financial lifted their price objective on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday, July 1st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of First Horizon in a research note on Friday, September 4th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $27.07.

First Horizon Trading Up 1.7%

FHN opened at $23.45 on Friday. The company has a fifty day moving average price of $24.69 and a two-hundred day moving average price of $24.45. First Horizon has a 1-year low of $19.80 and a 1-year high of $26.56. The company has a market cap of $11.11 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 0.92 and a beta of 0.61. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last issued 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. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The company had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period last year, the business posted $0.45 EPS. Analysts predict that First Horizon will post 2.15 EPS for the current fiscal year.

Insider Activity at First Horizon

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. This trade represents a 5.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.91% of the company's stock.

Institutional Trading of First Horizon

Several hedge funds have recently modified their holdings of FHN. BlackRock Inc. bought a new position in First Horizon during the second quarter valued at about $1,505,239,000. Bank of New York Mellon Corp bought a new stake in shares of First Horizon during the 2nd quarter worth about $747,445,000. William Blair Investment Management LLC acquired a new position in shares of First Horizon during the 2nd quarter valued at about $123,283,000. Bank of America Corp DE bought a new position in shares of First Horizon in the 2nd quarter valued at approximately $96,739,000. Finally, Sculptor Capital LP bought a new position in shares of First Horizon in the 2nd quarter valued at approximately $84,612,000. 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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