First Horizon (NYSE:FHN) Upgraded by Wall Street Zen to Hold Rating

First Horizon (NYSE:FHN) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

A number of other equities analysts also recently issued reports on the company. DA Davidson reiterated a “neutral” rating and set a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Barclays lowered their price target on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Finally, Wells Fargo & Company increased their price target on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Performance

Shares of FHN stock opened at $23.64 on Tuesday. The company has a market capitalization of $11.22 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.95 and a beta of 0.60. The business’s 50 day moving average is $23.85 and its two-hundred day moving average is $23.73. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 12-month low of $19.03 and a 12-month high of $26.56.

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

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently made changes to their positions in FHN. Norges Bank acquired a new stake in First Horizon during the fourth quarter worth $153,942,000. Artemis Investment Management LLP acquired a new stake in First Horizon during the fourth quarter worth $90,319,000. North Reef Capital Management LP increased its stake in First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after acquiring an additional 2,936,368 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in First Horizon during the third quarter worth $49,180,000. Finally, Cullen Capital Management LLC increased its stake in First Horizon by 3,401.0% during the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after acquiring an additional 1,972,461 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

About First Horizon

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.