Research Analysts’ Weekly Ratings Updates for First Horizon (FHN)

Several brokerages have updated their recommendations and price targets on shares of First Horizon (NYSE: FHN) in the last few weeks:

• 10/30/2024 – First Horizon had its price target raised by analysts at Evercore ISI from $18.00 to $20.00. They now have an “outperform” rating on the stock.
• 10/17/2024 – First Horizon was given a new $17.00 price target on by analysts at Robert W. Baird.
• 10/17/2024 – First Horizon had its price target raised by analysts at Stephens from $18.00 to $20.00. They now have an “overweight” rating on the stock.
• 10/17/2024 – First Horizon had its price target raised by analysts at Barclays PLC from $19.00 to $21.00. They now have an “overweight” rating on the stock.
• 10/17/2024 – First Horizon had its price target raised by analysts at Royal Bank of Canada from $19.00 to $20.00. They now have an “outperform” rating on the stock.
• 10/9/2024 – First Horizon had its price target lowered by analysts at JPMorgan Chase & Co. from $19.00 to $18.00. They now have a “neutral” rating on the stock.
• 10/2/2024 – First Horizon had its price target lowered by analysts at Evercore ISI from $18.50 to $18.00. They now have an “outperform” rating on the stock.
• 9/24/2024 – First Horizon was downgraded by analysts at Wedbush from an “outperform” rating to a “neutral” rating. They now have a $17.00 price target on the stock, down previously from $20.00.
• 9/17/2024 – First Horizon had its price target lowered by analysts at Evercore ISI from $19.50 to $18.50. They now have an “outperform” rating on the stock.

First Horizon Price Performance

Shares of First Horizon stock traded down $0.20 during midday trading on Monday, hitting $16.99. 4,811,628 shares of the company traded hands, compared to its average volume of 6,545,499. First Horizon Co. has a 12 month low of $10.96 and a 12 month high of $17.93. The stock has a market cap of $9.10 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.30 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The firm’s fifty day moving average price is $16.21 and its 200-day moving average price is $15.78.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the prior year, the company posted $0.27 EPS. As a group, sell-side analysts forecast that First Horizon Co. will post 1.48 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

Hedge Funds Weigh In On First Horizon

A number of hedge funds have recently bought and sold shares of FHN. Millennium Management LLC raised its position in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. LSV Asset Management lifted its stake in First Horizon by 49.8% in the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after buying an additional 4,434,929 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of First Horizon during the 2nd quarter worth approximately $66,779,000. Bank of New York Mellon Corp grew its position in shares of First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after buying an additional 3,870,946 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

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.