First Horizon (NYSE:FHN) Cut to “Neutral” at Wedbush

Wedbush lowered 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 reports. The brokerage currently has $17.00 target price on the financial services provider’s stock, down from their prior target price 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 and FY2026 earnings at $1.50 EPS.

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada increased their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an outperform rating in a research note on Thursday, July 18th. Raymond James downgraded shares of First Horizon from a strong-buy rating to an outperform rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. Robert W. Baird reiterated a neutral rating and issued a $16.00 target price on shares of First Horizon in a research note on Tuesday, August 6th. Jefferies Financial Group raised their target price on shares of First Horizon from $17.00 to $18.00 and gave the company a buy rating in a research note on Wednesday, July 3rd. Finally, StockNews.com upgraded shares of First Horizon from a sell rating to a hold rating in a research note on Saturday, July 20th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $17.38.

First Horizon Price Performance

Shares of NYSE FHN opened at $15.39 on Tuesday. The company has a fifty day moving average price of $15.86 and a 200 day moving average price of $15.46. First Horizon has a 1-year low of $10.08 and a 1-year 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 firm has a market cap of $8.42 billion, a PE ratio of 10.76, a PEG ratio of 3.17 and a beta of 0.88.

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

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.90%. First Horizon’s dividend payout ratio is currently 41.96%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in First Horizon in the 2nd quarter valued at about $312,000. Cetera Investment Advisers increased its holdings in shares of First Horizon by 79.7% during the second quarter. Cetera Investment Advisers now owns 105,574 shares of the financial services provider’s stock worth $1,665,000 after purchasing an additional 46,812 shares during the period. Truist Financial Corp increased its holdings in shares of First Horizon by 48.9% during the second quarter. Truist Financial Corp now owns 65,402 shares of the financial services provider’s stock worth $1,031,000 after purchasing an additional 21,475 shares during the period. NewEdge Advisors LLC increased its holdings in shares of First Horizon by 57.7% during the second quarter. NewEdge Advisors LLC now owns 349,372 shares of the financial services provider’s stock worth $5,510,000 after purchasing an additional 127,893 shares during the period. Finally, Creative Planning increased its holdings in shares of First Horizon by 11.1% during the second quarter. Creative Planning now owns 82,745 shares of the financial services provider’s stock worth $1,305,000 after purchasing an additional 8,263 shares during the period. 80.28% of the stock is owned by institutional investors.

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.