First Horizon (NYSE:FHN) Receives In-Line Rating from Evercore ISI

Key Points

• First Horizon's stock has received an "in-line" rating from Evercore ISI, with a new price objective of $20.00, down from $26.00, indicating potential downside.
• During the last quarter, First Horizon reported an EPS of $0.51, exceeding estimates, with a 7.4% increase in quarterly revenue compared to the previous year.
• The stock currently has a consensus "Moderate Buy" rating, with one analyst giving a Strong Buy rating and ten analysts rating it as a Hold.

First Horizon (NYSE:FHN - Get Free Report)'s stock had its "in-line" rating reissued by stock analysts at Evercore ISI in a research note issued on Thursday, MarketBeat reports. They currently have a $20.00 price objective on the financial services provider's stock, down from their previous price objective of $26.00. Evercore ISI's target price suggests a potential downside of 4.10% from the company's current price.

Several other research firms have also recently commented on FHN. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. Keefe, Bruyette & Woods cut their price objective on First Horizon from $24.00 to $23.00 and set a "market perform" rating for the company in a research report on Thursday. Cowen started coverage on First Horizon in a research report on Wednesday, September 24th. They issued a "hold" rating for the company. DA Davidson started coverage on First Horizon in a research report on Friday, September 26th. They issued a "neutral" rating and a $24.00 price objective for the company. Finally, Royal Bank Of Canada increased their price objective on First Horizon from $24.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.47.

First Horizon Price Performance

First Horizon stock opened at $20.86 on Thursday. First Horizon has a 12 month low of $15.19 and a 12 month high of $23.70. 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 business has a 50 day simple moving average of $22.44 and a 200-day simple moving average of $20.74. The stock has a market capitalization of $10.59 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 0.96 and a beta of 0.67.

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

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of First Horizon 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 completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,295 shares of company stock valued at $3,322,663. Company insiders own 0.87% of the company's stock.

Institutional Trading of First Horizon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Navigoe LLC purchased a new stake in First Horizon during the 3rd quarter worth about $25,000. Kestra Investment Management LLC boosted its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after buying an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares during the last quarter. Compass Financial Services Inc acquired a new stake in First Horizon in the 1st quarter worth about $38,000. Finally, Quarry LP boosted its stake in First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after buying an additional 1,243 shares during the last quarter. Hedge funds and other institutional investors 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.