First Horizon's (FHN) Hold (C+) Rating Reiterated at Weiss Ratings

Key Points

• First Horizon's stock has been reiterated with a "hold (C+)" rating by Weiss Ratings, while various analysts have issued differing target price increases for the stock.
• The stock opened at $23.05 with an annual range of $15.19 to $23.47, and has a market cap of $11.70 billion.
• Insiders have recently sold significant amounts of stock, with COO Tammy Locascio selling 10,285 shares and EVP David T. Popwell selling 100,000 shares, indicating potential concerns over future performance.

First Horizon (NYSE:FHN - Get Free Report)'s stock had its "hold (c+)" rating reiterated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also issued reports on FHN. JPMorgan Chase & Co. increased their target price on First Horizon from $23.00 to $25.00 and gave the company a "neutral" rating in a research note on Wednesday, October 1st. Evercore ISI increased their target price on First Horizon from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Cowen started coverage on First Horizon in a research note on Wednesday, September 24th. They issued a "hold" rating for the company. Raymond James Financial set a $25.00 price target on First Horizon and gave the company an "outperform" rating in a report on Tuesday. Finally, Barclays increased their price target on First Horizon from $26.00 to $29.00 and gave the company an "overweight" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.76.

First Horizon Price Performance

FHN stock opened at $23.05 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a 1 year low of $15.19 and a 1 year high of $23.47. The firm has a market cap of $11.70 billion, a P/E ratio of 14.87, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. The stock has a 50-day simple moving average of $22.35 and a 200-day simple moving average of $20.64.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 business had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same quarter last year, the firm earned $0.36 earnings per share. On average, equities analysts predict that First Horizon will post 1.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 462,581 shares in the company, 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 ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is currently owned by company insiders.

Institutional Trading of First Horizon

Several hedge funds have recently made changes to their positions in FHN. UMB Bank n.a. lifted its holdings in shares of First Horizon by 143.5% in the 1st quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock worth $130,000 after purchasing an additional 3,958 shares during the last quarter. Farther Finance Advisors LLC grew its position in First Horizon by 181.3% in the 1st quarter. Farther Finance Advisors LLC now owns 7,224 shares of the financial services provider's stock worth $138,000 after purchasing an additional 4,656 shares during the last quarter. Pallas Capital Advisors LLC grew its position in First Horizon by 6.0% in the 1st quarter. Pallas Capital Advisors LLC now owns 30,129 shares of the financial services provider's stock worth $585,000 after purchasing an additional 1,716 shares during the last quarter. GAMMA Investing LLC grew its position in First Horizon by 42.0% in the 1st quarter. GAMMA Investing LLC now owns 12,949 shares of the financial services provider's stock worth $251,000 after purchasing an additional 3,832 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in First Horizon by 286.9% in the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock worth $1,230,000 after purchasing an additional 46,975 shares during the last quarter. 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.

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