First Horizon (NYSE:FHN) Given Neutral Rating at DA Davidson

Key Points

• DA Davidson has restated First Horizon's stock rating to neutral, setting a price target of $24.00, indicating a potential upside of 16.53% from its previous close.
• Multiple research firms have varying ratings and price targets for First Horizon, with Barclays giving it an overweight rating and a target increase to $29.00.
• First Horizon reported earnings of $0.51 per share for the recent quarter, surpassing estimates and marking a 7.4% revenue increase year-over-year.

First Horizon (NYSE:FHN - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at DA Davidson in a report released on Thursday,Benzinga reports. They currently have a $24.00 target price on the financial services provider's stock. DA Davidson's price target points to a potential upside of 16.53% from the company's previous close.

A number of other research firms also recently issued reports on FHN. Keefe, Bruyette & Woods cut their price objective on shares of First Horizon from $24.00 to $23.00 and set a "market perform" rating for the company in a report on Thursday. Barclays increased their price target on First Horizon from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Robert W. Baird set a $25.00 price objective on First Horizon in a report on Wednesday. Bank of America increased their target price on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Finally, Truist Financial boosted their price target on First Horizon from $23.00 to $24.00 and gave the company a "hold" rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.47.

First Horizon Stock Performance

FHN traded down $0.25 during trading on Thursday, hitting $20.60. The stock had a trading volume of 5,304,142 shares, compared to its average volume of 7,962,597. 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 company has a 50 day moving average price of $22.44 and a 200-day moving average price of $20.74. First Horizon has a one year low of $15.19 and a one year high of $23.70. The firm has a market cap of $10.46 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 0.96 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.06. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $849.00 million during the quarter, compared to the consensus estimate of $848.08 million. During the same quarter last year, the firm earned $0.42 earnings per share. The company's revenue was up 7.4% on a year-over-year basis. As a group, research analysts predict that First Horizon will post 1.67 EPS for the current year.

Insider Activity at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock worth $3,322,663 over the last ninety days. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

A number of institutional investors and hedge funds have recently bought and sold shares of FHN. Navigoe LLC bought a new stake in shares of First Horizon during the third quarter worth about $25,000. Kestra Investment Management LLC grew its holdings in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. raised its stake 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 valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. Compass Financial Services Inc acquired a new position in shares of First Horizon during the first quarter worth $38,000. Finally, Allworth Financial LP grew its stake in shares of First Horizon by 57.9% in the second quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider's stock worth $44,000 after purchasing an additional 757 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.