DA Davidson Begins Coverage on First Horizon (NYSE:FHN)

Equities researchers at DA Davidson began coverage on shares of First Horizon (NYSE:FHN) in a research note issued on Friday, Marketbeat.com reports. The firm set a “neutral” rating and a $24.00 price target on the financial services provider’s stock. DA Davidson’s price target indicates a potential upside of 5.10% from the company’s previous close.

Several other analysts have also commented on the stock. Royal Bank Of Canada restated 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. Wells Fargo & Company increased their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a report on Tuesday, July 1st. Cowen initiated coverage on shares of First Horizon in a report on Wednesday. They set a “hold” rating on the stock. Finally, Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.91.

First Horizon Stock Up 0.8%

FHN stock opened at $22.84 on Friday. The firm has a market cap of $11.59 billion, a PE ratio of 14.73, a P/E/G ratio of 1.07 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s fifty day moving average is $22.30 and its 200 day moving average is $20.44. First Horizon has a one year low of $14.82 and a one year high of $23.26.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the business earned $0.36 earnings per share. On average, research analysts forecast that First Horizon will post 1.67 EPS for the current year.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The stock was 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 represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock valued at $3,322,663 in the last quarter. 0.87% of the stock is currently owned by company insiders.

Institutional Trading of First Horizon

Several hedge funds have recently made changes to their positions in FHN. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of First Horizon in the fourth quarter valued at about $6,858,000. Wealth Enhancement Advisory Services LLC increased its holdings in First Horizon by 13.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 152,291 shares of the financial services provider’s stock valued at $3,067,000 after acquiring an additional 17,934 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of First Horizon by 137.5% during the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider’s stock worth $66,000 after buying an additional 1,975 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of First Horizon by 2,658.3% during the first quarter. GAMMA Investing LLC now owns 251,470 shares of the financial services provider’s stock worth $4,884,000 after buying an additional 242,353 shares in the last quarter. Finally, Merit Financial Group LLC grew its holdings in shares of First Horizon by 7.6% during the first quarter. Merit Financial Group LLC now owns 24,222 shares of the financial services provider’s stock worth $470,000 after buying an additional 1,709 shares in the last quarter. Institutional investors and hedge funds 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.