First Horizon (NYSE:FHN) Upgraded at DA Davidson

Key Points

• First Horizon has been upgraded to a "hold" rating by DA Davidson, with other analysts giving it a mix of buy and hold ratings and a consensus target price of $23.91.
• The company reported earnings of $0.45 per share for the last quarter, exceeding analysts' expectations, while also achieving revenues of $830.19 million.
• Insider sales have occurred recently, with COO Tammy Locascio and EVP David T. Popwell selling significant amounts of stock, indicating potential changes in executive confidence or strategy.

First Horizon (NYSE:FHN - Get Free Report) was upgraded by DA Davidson to a "hold" rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Citigroup upped their price target on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Bank of America upped their price target on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. TD Cowen began coverage on First Horizon in a research report on Thursday. They set a "hold" rating and a $25.00 price target on the stock. Cowen began coverage on First Horizon in a research report on Wednesday. They set a "hold" rating on the stock. Finally, Wells Fargo & Company upped their price target on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.91.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $22.84 on Thursday. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. First Horizon has a 52 week low of $14.82 and a 52 week high of $23.26. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $22.30 and a 200 day moving average of $20.43.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. The business had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same period in the prior year, the firm posted $0.36 earnings per share. On average, sell-side analysts predict that First Horizon will post 1.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction 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 sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock worth $3,322,663 over the last three months. Corporate insiders own 0.87% of the company's stock.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently added to or reduced their stakes in the business. 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 purchasing an additional 646,060 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in First Horizon by 53.5% in 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 during 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 valued at $148,632,000 after purchasing an additional 255,429 shares during 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 valued at $142,855,000 after purchasing an additional 2,091,865 shares during the last quarter. Finally, Norges Bank purchased a new stake in First Horizon in the second quarter valued at $131,399,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.