First Horizon (NYSE:FHN) Downgraded by Wedbush to “Neutral”

Wedbush downgraded shares of First Horizon (NYSE:FHN) from an outperform rating to a neutral rating in a research note issued to investors on Tuesday morning, MarketBeat.com reports. They currently have $17.00 price target on the financial services provider’s stock, down from their prior price target of $20.00.

Several other equities research analysts have also weighed in on the company. Robert W. Baird reaffirmed a neutral rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. StockNews.com raised First Horizon from a sell rating to a hold rating in a research report on Saturday, July 20th. Evercore ISI dropped their price target on shares of First Horizon from $19.50 to $18.50 and set an outperform rating on the stock in a research note on Tuesday, September 17th. Royal Bank of Canada lifted their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an outperform rating in a research note on Thursday, July 18th. Finally, Barclays raised their price target on First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a research report on Monday, June 24th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $17.38.

First Horizon Trading Down 2.4 %

Shares of FHN opened at $15.29 on Tuesday. The stock has a fifty day moving average of $15.90 and a two-hundred day moving average of $15.46. First Horizon has a fifty-two week low of $10.08 and a fifty-two week high of $17.46. The company has a market capitalization of $8.36 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 3.09 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same quarter last year, the business posted $0.39 EPS. As a group, analysts forecast that First Horizon will post 1.46 EPS for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FHN. Rise Advisors LLC acquired a new stake in First Horizon in the first quarter valued at $25,000. Family Firm Inc. bought a new stake in shares of First Horizon during the second quarter worth about $28,000. Nemes Rush Group LLC grew its holdings in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of First Horizon in the first quarter valued at about $28,000. Finally, Fortitude Family Office LLC increased its stake in First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,102 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

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.