First Horizon (NYSE:FHN) Rating Increased to Hold at Wall Street Zen

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

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company upped 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. Bank of America increased their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Citigroup increased their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Royal Bank Of Canada reissued an “outperform” rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Finally, Barclays increased their price target on shares of First Horizon from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.34.

First Horizon Trading Down 0.6%

NYSE FHN opened at $23.09 on Friday. The firm’s 50-day moving average is $22.22 and its two-hundred day moving average is $20.29. First Horizon has a 12 month low of $14.82 and a 12 month high of $23.26. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $11.72 billion, a P/E ratio of 14.90, a PEG ratio of 1.10 and a beta of 0.67.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million for the quarter, compared to analysts’ expectations of $832.95 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. On average, sell-side analysts anticipate that First Horizon will post 1.67 earnings per share for the current year.

Insider Buying and Selling

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the firm’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company’s stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Horizon

A number of institutional investors have recently modified their holdings of the business. Orion Porfolio Solutions LLC increased its holdings in shares of First Horizon by 11.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 55,851 shares of the financial services provider’s stock valued at $1,184,000 after acquiring an additional 5,945 shares during the period. MASTERINVEST Kapitalanlage GmbH acquired a new position in shares of First Horizon in the 2nd quarter valued at $2,370,000. Kestra Investment Management LLC increased its holdings in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the period. FORA Capital LLC acquired a new position in shares of First Horizon in the 2nd quarter valued at $384,000. Finally, Captrust Financial Advisors increased its holdings in shares of First Horizon by 15.1% in the 2nd quarter. Captrust Financial Advisors now owns 99,549 shares of the financial services provider’s stock valued at $2,110,000 after acquiring an additional 13,062 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

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.