First Horizon (NYSE:FHN) Trading 5.9% Higher

Shares of First Horizon Co. (NYSE:FHN) rose 5.9% during trading on Friday . The stock traded as high as $15.67 and last traded at $15.67. Approximately 3,531,520 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 6,766,694 shares. The stock had previously closed at $14.80.

Analyst Ratings Changes

FHN has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday. Barclays raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Finally, Evercore ISI reduced their target price on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $16.69.

First Horizon Price Performance

The company has a market capitalization of $8.62 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 1.99 and a beta of 0.91. The company’s 50 day simple moving average is $15.32 and its 200-day simple moving average is $14.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the company earned $0.46 EPS. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. On average, equities research analysts predict that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.80%. First Horizon’s dividend payout ratio is presently 41.96%.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently modified their holdings of the stock. Rise Advisors LLC acquired a new position in First Horizon during the first quarter valued at approximately $25,000. Fidelis Capital Partners LLC purchased a new stake in First Horizon during the first quarter worth approximately $28,000. Fortitude Family Office LLC grew its stake in First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after buying an additional 1,102 shares during the period. Raleigh Capital Management Inc. purchased a new stake in First Horizon during the fourth quarter worth approximately $28,000. Finally, Richardson Financial Services Inc. purchased a new stake in First Horizon during the fourth quarter worth approximately $35,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Company Profile

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.