First Horizon (NYSE:FHN) Stock Gets Downgrade from Wall Street Zen

First Horizon (NYSE:FHN) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Other equities analysts have also recently issued reports about the company. Fundamental Research set a $28.50 price target on First Horizon in a report on Wednesday, July 1st. Morgan Stanley began coverage on shares of First Horizon in a research note on Tuesday, September 8th. They issued an “equal weight” rating and a $30.00 price objective for the company. Evercore reiterated a “hold” rating and set a $25.00 target price on shares of First Horizon in a research report on Thursday, October 1st. Wells Fargo & Company dropped their target price on shares of First Horizon from $28.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 30th. Finally, Truist Financial cut their target price on shares of First Horizon from $27.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $26.98.

First Horizon Trading Down 0.2%

NYSE FHN opened at $23.02 on Friday. The business has a 50 day simple moving average of $24.39 and a 200 day simple moving average of $24.52. First Horizon has a one year low of $19.80 and a one year high of $26.56. The stock has a market capitalization of $10.91 billion, a P/E ratio of 11.02, a P/E/G ratio of 0.99 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

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

Insider Activity at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Horizon

Several institutional investors have recently bought and sold shares of FHN. Ancora Advisors LLC bought a new position in First Horizon during the second quarter worth about $42,000. Basecamp Wealth Advisors LLC increased its stake in shares of First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of First Horizon by 58.1% in the second quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 864 shares in the last quarter. Transamerica Financial Advisors LLC purchased a new position in shares of First Horizon in the second quarter worth about $70,000. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of First Horizon in the first quarter valued at approximately $77,000. Institutional investors own 80.28% of the company’s stock.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.