First Horizon (NYSE:FHN) Share Price Breaks Below Fifty Day Moving Average - Time to Sell?

Key Points

• First Horizon shares slipped below their 50-day moving average: They traded as low as $23.33 versus a $23.52 average, and last changed hands at $23.411.
• Analyst sentiment is mostly neutral: MarketBeat reports a consensus “Hold” rating and an average price target of $27.12; seven analysts rate the stock Buy, 13 Hold, and one Sell.
• The company slightly beat quarterly EPS estimates, reporting $0.53 versus $0.52 expected, but revenue of $883 million fell short of estimates. First Horizon also declared a quarterly dividend of $0.17 per share, equivalent to a 2.9% annualized yield.

First Horizon Corporation (NYSE:FHN - Get Free Report) shares crossed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $23.52 and traded as low as $23.33. First Horizon shares last traded at $23.4110, with a volume of 4,254,093 shares.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Citigroup lowered their price objective on First Horizon from $28.50 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. National Bank Financial set a $30.00 target price on First Horizon in a research report on Tuesday, September 8th. Weiss Ratings downgraded First Horizon from a "buy (b)" rating to a "hold (c+)" rating in a report on Monday. UBS Group reiterated a "buy" rating on shares of First Horizon in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. decreased their target price on First Horizon from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday, October 16th. Seven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $27.12.

First Horizon Stock Performance

The business's fifty day moving average price is $23.52 and its 200-day moving average price is $24.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.91. The stock has a market capitalization of $11.02 billion, a PE ratio of 16.84, a P/E/G ratio of 0.98 and a beta of 0.62.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.01. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. The business had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.18 million. During the same period in the prior year, the company earned $0.51 EPS. As a group, equities research analysts expect that First Horizon Corporation will post 2.14 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Friday, December 11th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, December 11th. First Horizon's dividend payout ratio is currently 48.92%.

Insider Buying and Selling at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.91% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FHN. Private Advisor Group LLC bought a new stake in shares of First Horizon in the 3rd quarter worth approximately $206,000. Independent Advisor Alliance lifted its stake in First Horizon by 2.4% in the third quarter. Independent Advisor Alliance now owns 63,703 shares of the financial services provider's stock worth $1,468,000 after acquiring an additional 1,493 shares during the period. Public Sector Pension Investment Board purchased a new stake in First Horizon in the third quarter worth $3,818,000. Cullen Capital Management LLC lifted its stake in First Horizon by 1.9% in the third quarter. Cullen Capital Management LLC now owns 1,866,443 shares of the financial services provider's stock worth $42,966,000 after acquiring an additional 34,447 shares during the period. Finally, Carlson Capital L.P. boosted its holdings in First Horizon by 4.1% in the third quarter. Carlson Capital L.P. now owns 537,872 shares of the financial services provider's stock valued at $12,382,000 after acquiring an additional 21,194 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Company Profile

First Horizon Corporation is a regional financial services company headquartered in Memphis, Tennessee, and the parent of First Horizon Bank. Its banking roots date to 1864, when the First National Bank of Memphis was established. Through its banking operations, First Horizon serves consumers, businesses and institutions across the southeastern United States and Texas. Its services include consumer and commercial banking, lending, treasury and payment solutions, and wealth management. The company also provides specialized financial services, including capital markets and fixed-income services, as well as mortgage banking.

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