Hovde Group Upgrades First Horizon (NYSE:FHN) to Hold

Key Points

• Hovde Group upgraded First Horizon to “Hold”, aligning with the broader analyst consensus. Nine analysts rate the stock a Buy, 12 a Hold and one a Sell, with an average price target of $27.33.
• First Horizon shares opened at $24.04, up 0.4%, with a market capitalization of $11.39 billion. The stock has traded between $19.80 and $26.56 over the past year.
• The company exceeded quarterly expectations, reporting $0.54 EPS versus the $0.52 consensus estimate and revenue of $887 million versus expectations of $878.42 million. An executive vice president subsequently sold 18,313 shares at an average price of $24.85.

First Horizon (NYSE:FHN - Get Free Report) was upgraded by investment analysts at Hovde Group to a "hold" rating in a report issued on Thursday, Zacks reports.

Several other analysts have also recently weighed in on FHN. UBS Group restated a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. Raymond James Financial raised their price objective on shares of First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Evercore set a $27.00 target price on shares of First Horizon in a research report on Monday, July 6th. Truist Financial boosted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, July 16th. 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 stock. According to MarketBeat.com, First Horizon presently has an average rating of "Hold" and an average target price of $27.33.

First Horizon Trading Up 0.4%

NYSE FHN opened at $24.04 on Thursday. The company has a market cap of $11.39 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. First Horizon has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The business's fifty day moving average is $25.18 and its 200 day moving average is $24.43.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $887.00 million during the quarter, compared to analysts' expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the firm earned $0.45 EPS. As a group, sell-side analysts expect that First Horizon will post 2.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 340,368 shares of the company's stock, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.91% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. increased its holdings in First Horizon by 0.3% during the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock valued at $3,162,000 after buying an additional 425 shares during the last quarter. Thoroughbred Financial Services LLC boosted its stake in shares of First Horizon by 3.4% during the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock worth $335,000 after acquiring an additional 457 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Horizon by 1.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock worth $963,000 after acquiring an additional 507 shares during the last quarter. Summit Asset Management LLC grew its position in shares of First Horizon by 4.0% during the 1st quarter. Summit Asset Management LLC now owns 18,023 shares of the financial services provider's stock valued at $410,000 after acquiring an additional 695 shares during the period. Finally, Basecamp Wealth Advisors LLC increased its stake in shares of First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock worth $47,000 after purchasing an additional 746 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Company Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

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