First Horizon (NYSE:FHN) Downgraded by Wall Street Zen to Sell

Key Points

• First Horizon was downgraded by Wall Street Zen from “hold” to “sell”, adding to a mixed analyst outlook on the stock.
• Other firms have issued varied views recently, including Barclays cutting its price target to $29 and UBS lowering its rating to neutral, while the overall consensus remains Hold with an average target price of $26.45.
• The bank reported better-than-expected quarterly earnings of $0.53 per share, though revenue came in slightly below estimates; shares last traded at $24.62, near the middle of their 52-week range.

First Horizon (NYSE:FHN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other analysts also recently commented on FHN. Barclays lowered their target price on shares of First Horizon from $30.00 to $29.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. Autonomous Res downgraded shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. UBS Group downgraded shares of First Horizon from a "buy" rating to a "neutral" rating and lowered their target price for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Finally, Truist Financial set a $27.00 target price on shares of First Horizon in a report on Friday, January 9th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $26.45.

First Horizon Stock Performance

Shares of FHN stock opened at $24.62 on Friday. The firm has a 50-day moving average of $23.48 and a 200-day moving average of $23.39. The company has a market cap of $11.76 billion, a P/E ratio of 12.31, a P/E/G ratio of 0.96 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. First Horizon has a one year low of $19.03 and a one year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. Equities research analysts forecast that First Horizon will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On First Horizon

Institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp bought a new position in First Horizon during the third quarter valued at about $25,000. Root Financial Partners LLC bought a new position in First Horizon during the third quarter worth about $31,000. Kestra Investment Management LLC boosted its position in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,458 shares during the period. TD Waterhouse Canada Inc. boosted its position in First Horizon by 122.3% during the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider's stock worth $37,000 after purchasing an additional 900 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider's stock worth $39,000 after purchasing an additional 635 shares during the period. 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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