First Horizon (NYSE:FHN) Downgraded to Sell at StockNews.com

StockNews.com cut shares of First Horizon (NYSE:FHN) from a hold rating to a sell rating in a research note published on Friday morning.

FHN has been the topic of a number of other research reports. Barclays upped their price target on First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a research report on Monday, June 24th. Royal Bank of Canada raised First Horizon from a sector perform rating to an outperform rating and upped their price target for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Evercore ISI dropped their price target on First Horizon from $18.50 to $17.50 and set an outperform rating on the stock in a research report on Tuesday, June 25th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $18.00 price target on shares of First Horizon in a research report on Tuesday, June 11th. Finally, Stephens started coverage on First Horizon in a research report on Thursday, May 23rd. They set an overweight rating and a $19.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, First Horizon currently has an average rating of Moderate Buy and an average target price of $17.15.

First Horizon Trading Up 0.1 %

Shares of First Horizon stock opened at $16.57 on Friday. The stock has a fifty day simple moving average of $15.45 and a 200 day simple moving average of $14.80. First Horizon has a 12-month low of $10.08 and a 12-month high of $16.69. The company has a market capitalization of $9.06 billion, a P/E ratio of 11.59, a price-to-earnings-growth ratio of 2.38 and a beta of 0.89. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same quarter in the prior year, the company posted $0.46 earnings per share. First Horizon’s revenue was down 4.7% compared to the same quarter last year. On average, sell-side analysts anticipate that First Horizon will post 1.51 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.62%. First Horizon’s dividend payout ratio is currently 41.96%.

Hedge Funds Weigh In On First Horizon

Institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC bought a new position in First Horizon in the 1st quarter worth about $25,000. Fidelis Capital Partners LLC bought a new position in First Horizon in the 1st quarter worth about $28,000. Fortitude Family Office LLC increased its stake in First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,102 shares during the last quarter. Raleigh Capital Management Inc. bought a new position in shares of First Horizon during the 4th quarter valued at about $28,000. Finally, Richardson Financial Services Inc. bought a new position in shares of First Horizon during the 4th quarter valued at about $35,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Company Profile

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.