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

Key Points

• First Horizon (NYSE:FHN) has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, indicating a shift in analysts' outlook on the company's stock.
• Despite the downgrade, several other analysts have raised their target prices for First Horizon, with Bank of America and Citigroup both issuing "buy" ratings at target prices of $27.00 and $25.00, respectively.
• In recent trading, First Horizon opened at $22.51, with a one-year price range between a low of $14.82 and a high of $23.00, showing some volatility in its stock performance.

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

FHN has been the topic of several other research reports. Jefferies Financial Group began coverage on First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective on the stock. Truist Financial lifted their target price on First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a report on Friday, July 11th. Barclays lifted their target price on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 target price (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Finally, Citigroup lifted their target price on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $23.28.

First Horizon Stock Performance

First Horizon stock traded down $0.02 during mid-day trading on Friday, reaching $22.49. 8,169,521 shares of the company were exchanged, compared to its average volume of 9,724,847. First Horizon has a twelve month low of $14.82 and a twelve month high of $23.00. The firm's 50-day simple moving average is $21.60 and its two-hundred day simple moving average is $20.12. 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 $11.42 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.07 and a beta of 0.65.

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

Insider Transactions at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the sale, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their position. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by insiders.

Institutional Trading of First Horizon

Several hedge funds have recently made changes to their positions in FHN. Byrne Asset Management LLC lifted its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares during the last quarter. Kestra Investment Management LLC boosted its position in shares of 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 buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares during the period. Compass Financial Services Inc acquired a new position in shares of First Horizon during the first quarter worth approximately $38,000. Finally, Quarry LP boosted its position 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 worth $43,000 after buying an additional 1,243 shares during the period. 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.