First Horizon (NYSE:FHN) Share Price Breaks Below Fifty Day Moving Average – Time to Sell?

First Horizon Corporation (NYSE:FHN) shares passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $23.52 and traded as low as $23.33. First Horizon shares last traded at $23.4110, with a volume of 4,254,093 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FHN. Weiss Ratings cut shares of First Horizon from a “buy (b)” rating to a “hold (c+)” rating in a research report on Monday. National Bank Financial set a $30.00 price objective on shares of First Horizon in a report on Tuesday, September 8th. JPMorgan Chase & Co. cut their price objective on First Horizon from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, October 16th. Morgan Stanley set a $31.00 target price on First Horizon in a research report on Friday, October 16th. Finally, Evercore reissued a “hold” rating and issued a $25.00 target price on shares of First Horizon in a research report on Thursday, October 1st. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.12.

First Horizon Stock Performance

The company has a market capitalization of $11.02 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 0.98 and a beta of 0.62. The company’s 50 day moving average is $23.52 and its 200-day moving average is $24.25. The company has a current ratio of 0.97, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The business had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.18 million. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. During the same quarter in the previous year, the firm posted $0.51 earnings per share. Equities analysts anticipate that First Horizon Corporation will post 2.14 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, December 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is currently 48.92%.

Insider Activity

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares of the company’s stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.91% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FHN. BlackRock Inc. purchased a new position in First Horizon during the second quarter valued at $1,505,239,000. Bank of New York Mellon Corp purchased a new stake in shares of First Horizon in the second quarter worth $747,445,000. William Blair Investment Management LLC purchased a new stake in shares of First Horizon in the second quarter worth $123,283,000. Bank of America Corp DE bought a new position in shares of First Horizon during the second quarter valued at $96,739,000. Finally, Sculptor Capital LP bought a new position in shares of First Horizon during the second quarter valued at $84,612,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

First Horizon Corporation is a regional financial services company headquartered in Memphis, Tennessee, and the parent of First Horizon Bank. Its banking roots date to 1864, when the First National Bank of Memphis was established. Through its banking operations, First Horizon serves consumers, businesses and institutions across the southeastern United States and Texas. Its services include consumer and commercial banking, lending, treasury and payment solutions, and wealth management. The company also provides specialized financial services, including capital markets and fixed-income services, as well as mortgage banking.