First Horizon (NYSE:FHN) Cut to “Strong Sell” at Autonomous Res

Autonomous Res lowered shares of First Horizon (NYSE:FHN) from a strong-buy rating to a strong sell rating in a research note published on Wednesday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Truist Financial set a $27.00 target price on First Horizon in a research report on Friday, January 9th. JPMorgan Chase & Co. cut their target price on First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, April 1st. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Finally, Raymond James Financial upped their target price on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Performance

Shares of NYSE FHN traded down $0.07 during midday trading on Wednesday, reaching $24.89. 3,068,205 shares of the company traded hands, compared to its average volume of 5,024,816. The company has a market cap of $11.89 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 0.97 and a beta of 0.62. The stock has a 50-day moving average price of $23.46 and a 200 day moving average price of $23.29. First Horizon has a 52 week low of $18.43 and a 52 week high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. The business had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share. Sell-side analysts anticipate that First Horizon will post 2.16 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio is 34.00%.

Institutional Investors Weigh In On First Horizon

A number of institutional investors and hedge funds have recently modified their holdings of FHN. Norges Bank acquired a new stake in shares of First Horizon during the 4th quarter valued at $153,942,000. Artemis Investment Management LLP acquired a new stake in shares of First Horizon during the 4th quarter valued at $90,319,000. Jupiter Asset Management Ltd. acquired a new stake in shares of First Horizon during the 3rd quarter valued at $49,180,000. Cullen Capital Management LLC lifted its position in shares of First Horizon by 3,401.0% during the 4th quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock valued at $48,528,000 after acquiring an additional 1,972,461 shares during the last quarter. Finally, HRT Financial LP acquired a new stake in shares of First Horizon during the 4th quarter valued at $42,600,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.