First Horizon (NYSE:FHN) Downgraded by StockNews.com to “Sell”

StockNews.com cut shares of First Horizon (NYSE:FHN) from a hold rating to a sell rating in a report published on Monday.

Several other brokerages also recently commented on FHN. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their price target on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Finally, Barclays raised their target price on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.23.

First Horizon Trading Up 1.0 %

NYSE:FHN opened at $19.42 on Monday. First Horizon has a 12 month low of $13.72 and a 12 month high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $20.60 and a 200-day moving average price of $19.39. The stock has a market cap of $9.99 billion, a price-to-earnings ratio of 14.28, a P/E/G ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the business earned $0.32 earnings per share. Equities analysts predict that First Horizon will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.09%. First Horizon’s dividend payout ratio is presently 44.12%.

Insiders Place Their Bets

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of First Horizon by 26.2% in the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock worth $747,822,000 after buying an additional 7,715,191 shares during the last quarter. State Street Corp grew its stake in First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after acquiring an additional 4,116,486 shares in the last quarter. Millennium Management LLC lifted its position in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock worth $428,686,000 after buying an additional 10,763,349 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of First Horizon by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider’s stock valued at $400,173,000 after purchasing an additional 97,429 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after buying an additional 61,397 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

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.