First Horizon (NYSE:FHN) Downgraded to "Strong Sell" Rating by Autonomous Res

Key Points

• Autonomous Res downgraded First Horizon from a "strong-buy" to a "strong sell" in a research note issued Wednesday.
• Across analysts the stock has a consensus rating of "Hold" with a consensus price target of $26.45 (9 Buys, 11 Holds, 1 Sell).
• First Horizon beat earnings (EPS $0.53 vs. $0.49 est.) but slightly missed revenue ($865M vs. $869.5M), and the shares trade near $24.89 with a market cap of about $11.9 billion and a one‑year range of $18.43–$26.56.

First Horizon (NYSE:FHN - Get Free Report) was downgraded by Autonomous Res from a "strong-buy" rating to a "strong sell" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Zacks Research cut First Horizon from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 20th. Citigroup upped their price objective on First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. Wells Fargo & Company raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Finally, Raymond James Financial raised their target price on shares of First Horizon from $23.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 7th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $26.45.

First Horizon Price Performance

NYSE:FHN opened at $24.89 on Wednesday. The stock has a market cap of $11.89 billion, a P/E ratio of 12.45, a PEG ratio of 0.97 and a beta of 0.62. First Horizon has a one year low of $18.43 and a one year high of $26.56. The company has a fifty day moving average price of $23.46 and a 200 day moving average price of $23.29. 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 (NYSE:FHN - Get Free Report) last released 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 firm had revenue of $865.00 million during the quarter, compared to analysts' expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. Analysts anticipate that First Horizon will post 2.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FHN. Atlantic Union Bankshares Corp purchased a new position in shares of First Horizon during the third quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new position in First Horizon in the third quarter worth $31,000. Kestra Investment Management LLC boosted its position in First Horizon by 873.1% in 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 last quarter. TD Waterhouse Canada Inc. boosted its position in First Horizon by 122.3% in 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 last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in shares of First Horizon by 57.3% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider's stock valued at $39,000 after buying an additional 635 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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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