First Horizon Corporation (NYSE:FHN) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• First Horizon Corporation has received a consensus rating of "Moderate Buy" from analysts, with six hold ratings and ten buy ratings among the seventeen firms covering the stock.
• Bank of America increased its target price for First Horizon shares from $26.00 to $27.00, while Citigroup also raised their price target to $26.00 and reaffirmed a buy rating.
• Insider selling was notable, with COO Tammy Locascio selling over 10,000 shares and EVP David T. Popwell selling 100,000 shares, indicating a decrease in ownership percentages for both executives.

Shares of First Horizon Corporation (NYSE:FHN - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the seventeen brokerages that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $23.3438.

Several research firms recently weighed in on FHN. Wells Fargo & Company upped their price target on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Truist Financial upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Barclays upped their price target on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th.

First Horizon Price Performance

Shares of FHN stock traded down $0.55 during mid-day trading on Thursday, hitting $22.24. 11,552,141 shares of the stock were exchanged, compared to its average volume of 9,790,048. The firm has a fifty day moving average of $22.04 and a 200 day moving average of $20.18. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 52-week low of $14.82 and a 52-week high of $23.00. The company has a market cap of $11.29 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 1.08 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same period in the prior year, the company posted $0.36 EPS. Research analysts anticipate that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. First Horizon's dividend payout ratio is presently 38.71%.

Insider Transactions at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,295 shares of company stock valued at $3,322,663. 0.87% of the stock is owned by insiders.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently made changes to their positions in FHN. Aptus Capital Advisors LLC acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $238,000. Cary Street Partners Financial LLC acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $374,000. Crestline Management LP increased its holdings in shares of First Horizon by 213.7% during the 4th quarter. Crestline Management LP now owns 139,626 shares of the financial services provider's stock worth $2,812,000 after buying an additional 95,117 shares during the last quarter. Fiduciary Trust Co acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $308,000. Finally, Expect Equity LLC acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $3,324,000. Institutional investors and hedge funds 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.