First Horizon Corporation (NYSE:FHN) Receives Average Rating of "Hold" from Brokerages

Key Points

• Broker consensus is “Hold”: Of 22 analysts covering First Horizon, 12 recommend holding, nine recommend buying, and one recommends selling. The average 12-month price target is $27.07 versus the stock’s $23.27 opening price.
• Quarterly results exceeded expectations: First Horizon reported earnings of $0.54 per share, above the $0.52 consensus estimate, while revenue reached $887 million compared with estimates of $878.42 million.
• Shareholders received a quarterly dividend: The company paid $0.17 per share, equivalent to an annualized dividend of $0.68 and a 2.9% yield, with a payout ratio of 32.54%.

First Horizon Corporation (NYSE:FHN - Get Free Report) has received a consensus rating of "Hold" from the twenty-two brokerages that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, twelve have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $27.07.

A number of research firms recently commented on FHN. Hovde Group assumed coverage on shares of First Horizon in a research note on Thursday, September 17th. They set a "market perform" rating and a $25.00 price target for the company. Morgan Stanley assumed coverage on First Horizon in a research report on Tuesday, September 8th. They set an "equal weight" rating and a $30.00 target price for the company. Citigroup lowered their target price on shares of First Horizon from $28.50 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Evercore restated a "hold" rating and issued a $25.00 price target on shares of First Horizon in a report on Thursday, October 1st. Finally, Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st.

First Horizon Stock Performance

NYSE:FHN opened at $23.27 on Friday. The stock's fifty day moving average is $24.50 and its 200 day moving average is $24.51. First Horizon has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The firm has a market capitalization of $11.03 billion, a PE ratio of 11.13, a PEG ratio of 0.92 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

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

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, September 11th. First Horizon's dividend payout ratio is currently 32.54%.

Insider Activity at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon 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. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.91% of the company's stock.

Institutional Inflows and Outflows

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

First Horizon Company Profile

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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