First Horizon (NYSE:FHN) Downgraded by StockNews.com

StockNews.com downgraded shares of First Horizon (NYSE:FHN) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

A number of other research analysts have also recently weighed in on the stock. Raymond James raised shares of First Horizon from an outperform rating to a strong-buy rating and lifted their price target for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Wedbush restated an outperform rating and set a $17.00 target price on shares of First Horizon in a report on Wednesday, April 10th. Barclays began coverage on First Horizon in a research report on Friday, March 8th. They issued an overweight rating and a $18.00 price objective on the stock. Royal Bank of Canada raised First Horizon from a sector perform rating to an outperform rating and upped their target price for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. Finally, Wells Fargo & Company raised their target price on First Horizon from $14.00 to $16.00 and gave the company an equal weight rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of Moderate Buy and a consensus target price of $16.15.

First Horizon Stock Up 0.8 %

Shares of NYSE FHN opened at $15.80 on Wednesday. The stock has a market capitalization of $8.77 billion, a PE ratio of 11.05, a P/E/G ratio of 4.30 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average of $14.73 and a 200-day moving average of $13.65. First Horizon has a 52-week low of $8.99 and a 52-week high of $15.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, analysts anticipate that First Horizon will post 1.5 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.80%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

First Horizon announced that its board has authorized a stock buyback program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On First Horizon

Several large investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new position in shares of First Horizon in the 1st quarter worth approximately $25,000. Fidelis Capital Partners LLC acquired a new position in First Horizon in the first quarter worth $28,000. Fortitude Family Office LLC increased its stake in First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,102 shares during the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of First Horizon during the fourth quarter worth $28,000. Finally, Macroview Investment Management LLC bought a new position in shares of First Horizon in the 3rd quarter worth about $25,000. 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.