First Horizon Corporation (NYSE:FHN) Given Average Rating of "Hold" by Brokerages

Key Points

• First Horizon has an average “Hold” rating among 20 brokerages, with 10 holds, 9 buys and 1 sell. The average 12-month price target is $27.26, modestly above the reported $24.87 share price.
• The company exceeded quarterly expectations, reporting $0.54 EPS versus the $0.52 consensus and revenue of $887 million. Analysts expect full-year EPS of approximately $2.15.
• First Horizon declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 2.7% yield; institutional investors own 80.28% of the company.

First Horizon Corporation (NYSE:FHN - Get Free Report) has been assigned an average recommendation of "Hold" from the twenty brokerages that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $27.2632.

Several research analysts have issued reports on FHN shares. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Autonomous Res cut shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. National Bank Financial set a $29.00 target price on shares of First Horizon in a research note on Thursday, July 16th. Evercore set a $27.00 target price on shares of First Horizon in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. lowered their price target on First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. raised its stake in shares of First Horizon by 0.3% during the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock worth $3,162,000 after purchasing an additional 425 shares during the last quarter. Thoroughbred Financial Services LLC increased its stake in First Horizon by 3.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock valued at $335,000 after buying an additional 457 shares during the period. Illinois Municipal Retirement Fund increased its stake in First Horizon by 0.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock valued at $1,641,000 after buying an additional 489 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock valued at $963,000 after buying an additional 507 shares during the period. Finally, Sanctuary Advisors LLC raised its position in First Horizon by 3.5% during the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock worth $378,000 after buying an additional 537 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Price Performance

FHN stock opened at $24.87 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.78 billion, a P/E ratio of 11.90, a PEG ratio of 1.02 and a beta of 0.61. The business has a 50 day simple moving average of $25.50 and a 200-day simple moving average of $24.50. First Horizon has a twelve month low of $19.80 and a twelve month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million for the quarter, compared to analysts' expectations of $878.42 million. During the same period in the previous year, the company posted $0.45 EPS. As a group, equities analysts anticipate that First Horizon will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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