First Horizon (NYSE:FHN) Sets New 12-Month Low - Time to Sell?

First Horizon Co. (NYSE:FHN - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $17.57 and last traded at $18.07, with a volume of 5013389 shares. The stock had previously closed at $18.15.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FHN. Citigroup increased their target price on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, February 28th. StockNews.com cut First Horizon from a "hold" rating to a "sell" rating in a report on Tuesday. Wells Fargo & Company reduced their target price on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective on the stock in a report on Monday, April 7th. Finally, Raymond James dropped their target price on First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.03.

First Horizon Stock Up 3.3 %

The firm's fifty day moving average price is $18.45 and its 200-day moving average price is $19.65. The company has a market cap of $9.71 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to analyst estimates of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the firm earned $0.35 EPS. Sell-side analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.18%. First Horizon's payout ratio is 41.67%.

Hedge Funds Weigh In On First Horizon

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in shares of First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after buying an additional 10,763,349 shares during the period. Bank of New York Mellon Corp grew its stake in shares of First Horizon by 26.2% during the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider's stock worth $747,822,000 after acquiring an additional 7,715,191 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after purchasing an additional 6,827,040 shares during the last quarter. Norges Bank bought a new stake in shares of First Horizon in the fourth quarter worth $132,418,000. Finally, Raymond James Financial Inc. acquired a new position in First Horizon during the fourth quarter worth $102,467,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.