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

Key Points

• First Horizon has been downgraded to a "sell" rating by Wall Street Zen, indicating a negative outlook for the stock compared to previous ratings.
• Despite the downgrade, several analysts raised their price targets, with Wells Fargo setting it at $23 and Barclays at $26, showcasing mixed sentiments about the stock's potential.
• Insider trades have seen significant sales, with COO Tammy Locascio and EVP David T. Popwell both reducing their holdings, raising concerns about insider confidence in the company's future performance.

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 note issued to investors on Sunday.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company increased their target price on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Barclays raised their price target on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Raymond James Financial reissued 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. Truist Financial boosted their target price on First Horizon from $23.00 to $24.00 and gave the company a "hold" rating in a report on Wednesday. Finally, DA Davidson began coverage on First Horizon in a report on Friday. They issued a "neutral" rating and a $24.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.91.

First Horizon Price Performance

FHN opened at $22.84 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $11.59 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. The business's 50-day moving average is $22.30 and its two-hundred day moving average is $20.44. First Horizon has a 1 year low of $14.82 and a 1 year high of $23.26.

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

Insider Buying and Selling 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 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock valued at $3,322,663 over the last quarter. Insiders own 0.87% of the company's stock.

Institutional Trading of First Horizon

Several hedge funds and other institutional investors have recently modified their holdings of the business. Orion Porfolio Solutions LLC increased its position in First Horizon by 11.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 55,851 shares of the financial services provider's stock worth $1,184,000 after purchasing an additional 5,945 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new stake in First Horizon during the second quarter valued at approximately $2,370,000. Kestra Investment Management LLC boosted its holdings 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 valued at $34,000 after purchasing an additional 1,458 shares in the last quarter. FORA Capital LLC acquired a new position in shares of First Horizon in the 2nd quarter worth approximately $384,000. Finally, Captrust Financial Advisors raised its position in First Horizon by 15.1% in the 2nd quarter. Captrust Financial Advisors now owns 99,549 shares of the financial services provider's stock worth $2,110,000 after purchasing an additional 13,062 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Company Profile

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.

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