First Horizon (NYSE:FHN) Earns Neutral Rating from Analysts at DA Davidson

Key Points

• DA Davidson has initiated coverage on First Horizon (NYSE:FHN) with a neutral rating and a price target of $24.00, indicating a potential upside of 5.99% from the current price.
• Analysts have varied opinions on First Horizon, with one analyst rating it a Strong Buy, ten giving it a Buy rating, and eight assigning a Hold rating, contributing to an average consensus rating of Moderate Buy.
• In recent activity, insider EVP David T. Popwell sold 100,000 shares of First Horizon, decreasing his ownership by 17.78%, as several institutional investors increased their stakes, reflecting significant interest in the stock.

Investment analysts at DA Davidson assumed coverage on shares of First Horizon (NYSE:FHN - Get Free Report) in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm set a "neutral" rating and a $24.00 price target on the financial services provider's stock. DA Davidson's price objective would indicate a potential upside of 5.99% from the company's current price.

Other equities analysts have also issued reports about the company. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. TD Cowen assumed coverage on First Horizon in a research report on Thursday. They set a "hold" rating and a $25.00 target price on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Bank of America increased their price target on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Citigroup increased their price target on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $23.91.

First Horizon Price Performance

Shares of NYSE:FHN opened at $22.64 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a twelve month low of $14.82 and a twelve month high of $23.26. The stock's 50 day moving average is $22.29 and its 200-day moving average is $20.40. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of 14.61, a PEG 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 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 company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same period in the prior year, the firm earned $0.36 earnings per share. Sell-side analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently bought and sold shares of the stock. LSV Asset Management boosted its holdings in First Horizon by 5.0% in the second quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider's stock valued at $285,319,000 after acquiring an additional 646,060 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Horizon by 53.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock valued at $244,594,000 after purchasing an additional 4,392,405 shares in the last quarter. Invesco Ltd. boosted its holdings in First Horizon by 3.8% in the second quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider's stock worth $148,632,000 after acquiring an additional 255,429 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider's stock worth $142,855,000 after acquiring an additional 2,091,865 shares in the last quarter. Finally, Norges Bank bought a new stake in First Horizon in the second quarter worth $131,399,000. 80.28% of the stock is currently owned by institutional investors.

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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