First Horizon (NYSE:FHN) Rating Increased to Hold at Hovde Group

First Horizon (NYSE:FHN) was upgraded by analysts at Hovde Group to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

FHN has been the subject of a number of other reports. UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Evercore set a $27.00 price objective on shares of First Horizon in a research report on Monday, July 6th. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. National Bank Financial set a $30.00 target price on shares of First Horizon in a report on Tuesday, September 8th. Finally, Raymond James Financial increased their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.33.

First Horizon Stock Up 0.4%

FHN stock opened at $24.04 on Thursday. The business’s 50-day moving average price is $25.18 and its 200-day moving average price is $24.43. The stock has a market cap of $11.39 billion, a P/E ratio of 11.50, a PEG ratio of 0.95 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon has a twelve month low of $19.80 and a twelve month high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same period in the prior year, the firm posted $0.45 EPS. On average, equities research analysts forecast that First Horizon will post 2.15 EPS for the current year.

Insider Activity at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.91% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently added to or reduced their stakes in the company. William Blair Investment Management LLC lifted its position in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after buying an additional 116,191 shares during the last quarter. Renaissance Technologies LLC increased its position in First Horizon by 158.0% during the first quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock valued at $12,295,000 after acquiring an additional 330,800 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new position in First Horizon during the second quarter valued at $1,616,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of First Horizon in the second quarter valued at $10,061,000. Finally, Deutsche Bank AG purchased a new stake in shares of First Horizon in the second quarter valued at $1,175,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.