First Horizon (NYSE:FHN) Downgraded by UBS Group to Neutral

UBS Group downgraded shares of First Horizon (NYSE:FHN) from a buy rating to a neutral rating in a report released on Tuesday, Marketbeat.com reports. The firm currently has $25.00 target price on the financial services provider’s stock, down from their previous target price of $29.00.

A number of other brokerages have also recently weighed in on FHN. Barclays raised their price target on First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Stephens raised their price target on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Zacks Research cut First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. DA Davidson raised their price target on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Finally, JPMorgan Chase & Co. dropped their price target on First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, April 1st. Eight research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of “Hold” and an average target price of $26.45.

First Horizon Trading Down 0.5%

NYSE:FHN opened at $23.17 on Tuesday. The stock has a fifty day moving average price of $23.70 and a two-hundred day moving average price of $23.09. The stock has a market capitalization of $11.06 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 0.88 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a 1 year low of $15.86 and a 1 year high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. The firm had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the prior year, the business posted $0.43 earnings per share. As a group, sell-side analysts anticipate that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is 36.17%.

Insider Transactions at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.91% of the company’s stock.

Institutional Trading of First Horizon

A number of hedge funds have recently added to or reduced their stakes in the business. Nalls Sherbakoff Group LLC acquired a new stake in First Horizon in the 4th quarter worth about $359,000. Corient Private Wealth LLC boosted its stake in First Horizon by 4.5% in the 4th quarter. Corient Private Wealth LLC now owns 126,862 shares of the financial services provider’s stock worth $3,032,000 after buying an additional 5,511 shares during the last quarter. TMB Capital Partners LLC acquired a new stake in First Horizon in the 4th quarter worth about $553,000. Invesco Ltd. boosted its stake in First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after buying an additional 426,951 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in First Horizon by 72.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 83,680 shares of the financial services provider’s stock worth $2,000,000 after buying an additional 35,208 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Company Profile

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.