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

First Horizon Corporation (NYSE:FHN) has been given an average rating of “Hold” by the twenty-one research firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $26.4474.

A number of equities analysts have recently weighed in on the company. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Keefe, Bruyette & Woods upped their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. UBS Group lowered First Horizon from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Citigroup upped their price objective on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Finally, Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a research note on Tuesday.

First Horizon Stock Performance

NYSE:FHN opened at $24.19 on Friday. The stock has a 50-day simple moving average of $23.98 and a two-hundred day simple moving average of $23.79. First Horizon has a 52-week low of $19.03 and a 52-week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $11.48 billion, a PE ratio of 12.09, a P/E/G ratio of 0.95 and a beta of 0.60.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The business’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. Analysts forecast that First Horizon will post 2.16 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio is 34.00%.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in shares of First Horizon in the third quarter worth about $25,000. Kestra Investment Management LLC lifted its position in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after buying an additional 900 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,874 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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.