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

Key Points

• First Horizon has a consensus “Hold” rating from 21 analysts: 11 hold, 9 buy, and 1 sell. The average 12-month price target is $27.45 versus the stock’s reported price of $24.48.
• First Horizon exceeded quarterly expectations, reporting $0.54 EPS versus the $0.52 consensus and revenue of $887 million versus $878.42 million expected.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.8% yield; institutional investors own approximately 80.28% of the stock.

Shares of First Horizon Corporation (NYSE:FHN - Get Free Report) have earned a consensus recommendation of "Hold" from the twenty-one analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $27.45.

Several research analysts have commented on FHN shares. Fundamental Research set a $28.50 target price on First Horizon in a research note on Wednesday, July 1st. 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 price target on the stock. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Raymond James Financial raised their price target 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. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Horizon in a report on Friday, September 4th.

First Horizon Stock Up 0.0%

First Horizon stock opened at $24.48 on Monday. The firm has a 50 day simple moving average of $25.29 and a 200 day simple moving average of $24.43. 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 has a 1-year low of $19.80 and a 1-year high of $26.56. The firm has a market capitalization of $11.60 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, analysts predict that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon's dividend payout ratio (DPR) is currently 32.54%.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the company's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Kestra Investment Management LLC raised its stake in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of First Horizon during the 2nd quarter valued at $42,000. Basecamp Wealth Advisors LLC lifted its holdings in shares of First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock worth $47,000 after acquiring an additional 746 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock worth $48,000 after acquiring an additional 1,874 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

About First Horizon

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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