First Horizon (NYSE:FHN) Rating Lowered to Neutral at Wedbush

Wedbush downgraded shares of First Horizon (NYSE:FHN) from an outperform rating to a neutral rating in a report issued on Tuesday, Marketbeat.com reports. The firm currently has $17.00 price target on the financial services provider’s stock, down from their prior price target of $20.00. Wedbush also issued estimates for First Horizon’s Q4 2024 earnings at $0.36 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.35 EPS, Q3 2025 earnings at $0.35 EPS, Q4 2025 earnings at $0.36 EPS, FY2025 earnings at $1.40 EPS, Q1 2026 earnings at $0.36 EPS, Q2 2026 earnings at $0.37 EPS and FY2026 earnings at $1.50 EPS.

A number of other research analysts also recently commented on the company. Barclays increased their price target on First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a report on Monday, June 24th. Jefferies Financial Group increased their price target on First Horizon from $17.00 to $18.00 and gave the company a buy rating in a report on Wednesday, July 3rd. Royal Bank of Canada increased their price target on First Horizon from $18.00 to $19.00 and gave the company an outperform rating in a report on Thursday, July 18th. Robert W. Baird reaffirmed a neutral rating and set a $16.00 target price on shares of First Horizon in a report on Tuesday, August 6th. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $17.38.

First Horizon Price Performance

FHN stock opened at $15.51 on Tuesday. 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 has a 1 year low of $10.08 and a 1 year high of $17.46. The firm has a market cap of $8.48 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.88. The stock has a 50-day simple moving average of $15.84 and a 200-day simple moving average of $15.47.

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. On average, equities analysts predict that First Horizon will post 1.46 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Friday, September 13th. First Horizon’s payout ratio is 41.96%.

Institutional Trading of First Horizon

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Access Investment Management LLC increased its position in First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after acquiring an additional 715 shares during the period. First Trust Direct Indexing L.P. increased its position in First Horizon by 6.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 765 shares during the period. Simplicity Wealth LLC increased its position in First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after acquiring an additional 786 shares during the period. Perigon Wealth Management LLC increased its position in First Horizon by 7.5% in the 1st quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 804 shares during the period. Finally, CIBC Asset Management Inc increased its position in First Horizon by 7.5% in the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,094 shares during the period. 80.28% of the stock is currently 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.