First Horizon (NYSE:FHN) Cut to "Neutral" at UBS Group

Key Points

• UBS downgraded First Horizon from "buy" to "neutral" and set a $25 price target, implying roughly a 7.4% upside from the prior close.
• Overall analyst consensus is a Hold with a $26.50 average target—eight analysts rate Buy and twelve rate Hold—and several firms recently raised targets into the $25–$28.50 range.
• First Horizon beat Q4 estimates (EPS $0.52 vs. $0.46 and revenue $892M), and the stock trades near $23.29 with a market cap of about $11.1B and a PE of 12.4.

First Horizon (NYSE:FHN - Get Free Report) was downgraded by equities research analysts at UBS Group from a "buy" rating to a "neutral" rating in a report released on Tuesday, MarketBeat.com reports. They presently have a $25.00 target price on the financial services provider's stock. UBS Group's price target indicates a potential upside of 7.36% from the stock's previous close.

Several other equities research analysts have also weighed in on FHN. Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a "market perform" rating in a report on Friday, January 16th. TD Cowen increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research report on Friday, January 16th. Citigroup increased their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. National Bank Financial set a $27.00 price objective on shares of First Horizon in a research report on Friday, January 16th. Finally, The Goldman Sachs Group set a $27.00 price objective on shares of First Horizon and gave the stock a "neutral" rating in a research report on Tuesday, January 6th. Eight equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $26.50.

First Horizon Trading Up 0.5%

FHN opened at $23.29 on Tuesday. The firm's fifty day moving average is $23.72 and its two-hundred day moving average is $23.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market cap of $11.12 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.88 and a beta of 0.62. First Horizon has a twelve month low of $15.56 and a twelve month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. The company had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same period last year, the business posted $0.43 earnings per share. Equities research analysts anticipate that First Horizon will post 1.67 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm's stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares of the company's stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.91% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Thoroughbred Financial Services LLC grew its position in First Horizon by 3.4% in the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock valued at $335,000 after purchasing an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in First Horizon by 0.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock valued at $1,641,000 after purchasing an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in First Horizon by 1.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock valued at $963,000 after purchasing an additional 507 shares in the last quarter. Aaron Wealth Advisors LLC grew its position in First Horizon by 5.4% in the fourth quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 511 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its position in First Horizon by 3.5% in the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock valued at $378,000 after purchasing an additional 537 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

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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