First Horizon (NYSE:FHN) Earns Hold Rating from Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage on First Horizon (NYSE:FHN) with a "hold" rating and a price target of $25.00, indicating a potential upside of 9.65% from the current price.
• Other analysts, including Citigroup and Bank of America, have issued various ratings from "buy" to "hold", with consensus rating being "Moderate Buy" and a price target of $23.91.
• First Horizon reported $0.45 earnings per share, surpassing analysts' estimates, while its 52-week stock range was between $14.82 and $23.26.

Stock analysts at TD Cowen began coverage on shares of First Horizon (NYSE:FHN - Get Free Report) in a research note issued to investors on Thursday. The firm set a "hold" rating and a $25.00 price target on the financial services provider's stock. TD Cowen's price objective would suggest a potential upside of 9.65% from the company's current price.

A number of other equities research analysts have also issued reports on FHN. Citigroup lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Truist Financial lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a "hold" rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Wall Street Zen raised shares of First Horizon from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Finally, Bank of America lifted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.91.

First Horizon Trading Up 0.8%

First Horizon stock opened at $22.80 on Thursday. The company has a 50 day moving average price of $22.28 and a 200 day moving average price of $20.36. First Horizon has a 52 week low of $14.82 and a 52 week high of $23.26. 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 capitalization of $11.58 billion, a price-to-earnings ratio of 14.71, a P/E/G ratio of 1.06 and a beta of 0.67.

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, beating analysts' consensus estimates of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the business posted $0.36 EPS. Research analysts forecast that First Horizon will post 1.67 EPS for the current year.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction 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. The trade was a 17.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,295 shares of company stock worth $3,322,663. Insiders own 0.87% of the company's stock.

Institutional Trading of First Horizon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FHN. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in First Horizon in the fourth quarter valued at about $6,858,000. Wealth Enhancement Advisory Services LLC boosted its position in First Horizon by 13.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 152,291 shares of the financial services provider's stock valued at $3,067,000 after buying an additional 17,934 shares in the last quarter. Versant Capital Management Inc boosted its position in First Horizon by 137.5% in the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after buying an additional 1,975 shares in the last quarter. GAMMA Investing LLC boosted its position in First Horizon by 2,658.3% in the first quarter. GAMMA Investing LLC now owns 251,470 shares of the financial services provider's stock valued at $4,884,000 after buying an additional 242,353 shares in the last quarter. Finally, Merit Financial Group LLC boosted its position in First Horizon by 7.6% in the first quarter. Merit Financial Group LLC now owns 24,222 shares of the financial services provider's stock valued at $470,000 after buying an additional 1,709 shares in the last quarter. Institutional investors 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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