First Horizon Corporation (NYSE:FHN) Receives Average Rating of “Hold” from Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have received a consensus rating of “Hold” from the twenty research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $27.1579.

A number of equities analysts recently issued reports on FHN shares. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research note on Thursday, April 16th. Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Wells Fargo & Company boosted their price target on First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Evercore set a $27.00 price objective on First Horizon in a report on Monday, July 6th. Finally, Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st.

First Horizon Trading Up 0.9%

Shares of First Horizon stock opened at $25.69 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 12-month low of $19.80 and a 12-month high of $26.56. The firm has a market capitalization of $12.19 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.02 and a beta of 0.60. The firm’s 50 day simple moving average is $25.11 and its two-hundred day simple moving average is $24.36.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the firm posted $0.45 earnings per share. Analysts predict that First Horizon will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

Hedge Funds Weigh In On First Horizon

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in shares of First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares during the period. Geneos Wealth Management Inc. lifted its position in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 3,835 shares during the last quarter. Federated Hermes Inc. boosted its holdings in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC grew its position in First Horizon by 20.8% during the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.