First Horizon (NYSE:FHN) Stock Rating Upgraded by DA Davidson

First Horizon (NYSE:FHN) was upgraded by DA Davidson from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

FHN has been the subject of several other reports. Wells Fargo & Company reduced their price objective on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Robert W. Baird restated a “neutral” rating and issued a $25.00 price target on shares of First Horizon in a research report on Thursday, December 11th. National Bankshares set a $28.00 price objective on First Horizon in a research report on Tuesday. Raymond James Financial set a $23.00 target price on shares of First Horizon in a report on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.29.

First Horizon Price Performance

Shares of NYSE:FHN opened at $24.41 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $12.02 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 0.95 and a beta of 0.62. The firm’s 50 day moving average price is $21.94 and its 200-day moving average price is $21.87. First Horizon has a twelve month low of $15.19 and a twelve month high of $24.44.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. The business had revenue of $893.00 million during the quarter, compared to analysts’ expectations of $848.08 million. During the same period in the prior year, the company earned $0.42 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. Equities research analysts expect that First Horizon will post 1.67 EPS for the current year.

First Horizon announced that its board has initiated a stock repurchase plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. The trade was a 5.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the transaction, the executive vice president directly owned 307,432 shares of the company’s stock, valued at $6,551,375.92. This trade represents a 33.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

A number of hedge funds have recently made changes to their positions in FHN. Hudson Bay Capital Management LP purchased a new position in First Horizon during the 3rd quarter valued at approximately $13,792,000. Swiss Life Asset Management Ltd raised its holdings in shares of First Horizon by 72.5% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 22,947 shares of the financial services provider’s stock worth $519,000 after acquiring an additional 9,643 shares in the last quarter. Cambria Investment Management L.P. boosted its position in shares of First Horizon by 25.0% during the 3rd quarter. Cambria Investment Management L.P. now owns 28,199 shares of the financial services provider’s stock valued at $638,000 after acquiring an additional 5,634 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of First Horizon by 80.1% in the third quarter. CIBC Private Wealth Group LLC now owns 5,422 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 2,411 shares in the last quarter. Finally, Prana Capital Management LP increased its position in First Horizon by 74.6% in the third quarter. Prana Capital Management LP now owns 22,821 shares of the financial services provider’s stock worth $516,000 after purchasing an additional 9,751 shares during 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.