Shares of First Horizon Co. (NYSE:FHN – Get Free Report) traded up 5.9% on Friday . The stock traded as high as $15.67 and last traded at $15.67. 3,531,520 shares were traded during mid-day trading, a decline of 48% from the average session volume of 6,766,694 shares. The stock had previously closed at $14.80.
Analyst Ratings Changes
Several research analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a research report on Wednesday, April 10th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday. Evercore ISI dropped their price objective on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Barclays upped their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $16.69.
Check Out Our Latest Report on First Horizon
First Horizon Stock Performance
First Horizon (NYSE:FHN – Get Free Report) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. Analysts expect that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.
First Horizon Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s payout ratio is 41.96%.
Hedge Funds Weigh In On First Horizon
Several hedge funds have recently modified their holdings of the stock. Invesco Ltd. lifted its stake in First Horizon by 20.6% in the 3rd quarter. Invesco Ltd. now owns 3,328,186 shares of the financial services provider’s stock valued at $36,677,000 after purchasing an additional 567,524 shares during the last quarter. Stifel Financial Corp lifted its position in First Horizon by 31.8% during the third quarter. Stifel Financial Corp now owns 158,721 shares of the financial services provider’s stock worth $1,749,000 after acquiring an additional 38,290 shares during the last quarter. Natixis Advisors L.P. lifted its position in First Horizon by 9.7% during the third quarter. Natixis Advisors L.P. now owns 214,081 shares of the financial services provider’s stock worth $2,359,000 after acquiring an additional 19,011 shares during the last quarter. Treasurer of the State of North Carolina lifted its position in First Horizon by 4.6% during the third quarter. Treasurer of the State of North Carolina now owns 244,141 shares of the financial services provider’s stock worth $2,690,000 after acquiring an additional 10,650 shares during the last quarter. Finally, Synovus Financial Corp acquired a new stake in First Horizon during the third quarter worth approximately $136,000. 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.
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