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

Wall Street Zen lowered shares of First Horizon (NYSE:FHN - Free Report) from a hold rating to a sell rating in a report released on Sunday morning.

A number of other research analysts also recently weighed in on the stock. Truist Financial started coverage on shares of First Horizon in a research report on Tuesday, May 13th. They issued a "hold" rating and a $21.00 price objective for the company. Raymond James Financial reduced their price target on First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a report on Wednesday, April 2nd. Robert W. Baird upgraded First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target on the stock in a research report on Monday, April 7th. Barclays cut their price objective on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.53.

First Horizon Stock Performance

First Horizon stock traded down $0.04 during midday trading on Friday, hitting $20.34. 3,625,220 shares of the company were exchanged, compared to its average volume of 6,045,450. The business has a fifty day simple moving average of $19.25 and a two-hundred day simple moving average of $19.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $10.32 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.03 and a beta of 0.61. First Horizon has a fifty-two week low of $14.34 and a fifty-two week high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. The business had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. During the same quarter last year, the company earned $0.35 EPS. On average, 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 will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a yield of 2.95%. First Horizon's dividend payout ratio (DPR) is currently 41.67%.

Institutional Investors Weigh In On First Horizon

A number of institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp acquired a new stake in First Horizon in the 4th quarter valued at approximately $30,000. Byrne Asset Management LLC boosted its position in shares of First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after buying an additional 830 shares during the period. Geneos Wealth Management Inc. grew its stake 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 buying an additional 1,095 shares in the last quarter. Compass Financial Services Inc purchased a new stake in shares of First Horizon in the 1st quarter valued at $38,000. Finally, Quarry LP raised its holdings in shares of First Horizon by 129.2% in the 1st 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 during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.