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

First Horizon (NYSE:FHN) was downgraded by analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat Ratings reports. They currently have a $17.00 price target on the financial services provider’s stock, down from their previous price target of $20.00. Wedbush’s price objective points to a potential upside of 8.49% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a research note on Thursday, July 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. Royal Bank of Canada upped their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Jefferies Financial Group lifted their target price on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Finally, Evercore ISI decreased their price target on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a research report on Tuesday, September 17th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $17.38.

First Horizon Price Performance

Shares of FHN stock opened at $15.67 on Tuesday. First Horizon has a twelve month low of $10.08 and a twelve month high of $17.46. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $15.95 and a two-hundred day simple moving average of $15.46. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 3.09 and a beta of 0.88.

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

Institutional Investors Weigh In On First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new position in First Horizon in the 1st quarter worth $25,000. Raleigh Capital Management Inc. purchased a new position in shares of First Horizon in the fourth quarter worth about $28,000. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon during the first quarter worth about $28,000. Family Firm Inc. purchased a new stake in First Horizon in the second quarter valued at approximately $28,000. Finally, Nemes Rush Group LLC increased its holdings in First Horizon by 306.2% in the 2nd 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 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.