First Horizon Corporation (NYSE:FHN) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• First Horizon Corporation (NYSE:FHN) has been given a consensus rating of "Moderate Buy" with an average 12-month price target of $24.47 from analysts.
• The company reported earnings of $0.51 EPS for the quarter, beating consensus estimates and showing a 7.4% revenue increase year-over-year.
• Institutional investors hold 80.28% of First Horizon's stock, reflecting strong interest from hedge funds and other investment firms.

First Horizon Corporation (NYSE:FHN - Get Free Report) has received a consensus rating of "Moderate Buy" from the twenty ratings firms that are currently covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $24.4706.

Several research firms recently commented on FHN. Robert W. Baird set a $25.00 target price on First Horizon in a research report on Wednesday, October 15th. Jefferies Financial Group set a $25.00 price target on First Horizon and gave the stock a "buy" rating in a research note on Wednesday, October 15th. Barclays raised their price target on First Horizon from $26.00 to $29.00 and gave the company an "overweight" rating in a report on Wednesday, October 8th. DA Davidson reaffirmed a "neutral" rating and issued a $24.00 price objective on shares of First Horizon in a report on Thursday, October 16th. Finally, Wall Street Zen upgraded shares of First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, October 11th.

First Horizon Stock Performance

Shares of NYSE FHN opened at $20.58 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm's 50-day moving average price is $22.29 and its two-hundred day moving average price is $20.84. First Horizon has a 52-week low of $15.19 and a 52-week high of $23.70. The stock has a market capitalization of $10.45 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.83 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period in the prior year, the company earned $0.42 earnings per share. The business's revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts forecast that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, September 12th. First Horizon's dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.87% of the stock is currently owned by insiders.

Institutional Trading of First Horizon

Hedge funds and other institutional investors have recently modified their holdings of the company. Navigoe LLC acquired a new position in shares of First Horizon in the 3rd quarter worth approximately $25,000. Kestra Investment Management LLC raised its stake in First Horizon by 873.1% during the 2nd 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 during the period. Geneos Wealth Management Inc. lifted its holdings in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Compass Financial Services Inc acquired a new stake in shares of First Horizon in the first quarter worth $38,000. Finally, Quarry LP grew its holdings in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after buying an additional 1,243 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.

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