First Horizon (NYSE:FHN) Reaches New 52-Week High Following Analyst Upgrade

Shares of First Horizon Corporation (NYSE:FHNGet Free Report) hit a new 52-week high during trading on Friday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $22.44 and last traded at $22.31, with a volume of 212880 shares. The stock had previously closed at $22.21.

Other equities research analysts also recently issued research reports about the stock. Citigroup lifted their price objective on First Horizon from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday. Barclays boosted their price target on First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Baird R W upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Wells Fargo & Company boosted their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Finally, Robert W. Baird upgraded shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Monday, April 7th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $23.28.

Get Our Latest Research Report on FHN

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Byrne Asset Management LLC lifted its stake in First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 830 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the last quarter. Compass Financial Services Inc bought a new stake in shares of First Horizon during the 1st quarter worth approximately $38,000. Quarry LP lifted its stake in shares of First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,243 shares during the last quarter. Finally, Lee Danner & Bass Inc. bought a new stake in shares of First Horizon during the fourth quarter worth $50,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

The firm has a market capitalization of $11.33 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.09 and a beta of 0.61. The firm has a 50-day moving average price of $20.56 and a two-hundred day moving average price of $19.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHNGet Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The firm had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. On average, analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Friday, June 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.67%.

About First Horizon

(Get Free Report)

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.

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