Wells Fargo analyst Mike Mayo maintained a Hold rating on First Horizon (FHN – Research Report) yesterday and set a price target of $14.00. The company’s shares closed yesterday at $13.95.
Mayo covers the Financial sector, focusing on stocks such as Truist Financial, JPMorgan Chase & Co., and Goldman Sachs Group. According to TipRanks, Mayo has an average return of 8.5% and a 62.96% success rate on recommended stocks.
In addition to Wells Fargo, First Horizon also received a Hold from J.P. Morgan’s Steven Alexopoulos in a report issued on December 12. However, on December 8, Citi maintained a Buy rating on First Horizon (NYSE: FHN).
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Based on First Horizon’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $778 million and a net profit of $137 million. In comparison, last year the company earned a revenue of $875 million and had a net profit of $265 million
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First Horizon (FHN) Company Description:
First Horizon National Corp. operates as a financial holding company, which offers checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through four segments: Regional Banking, Fixed Income, Corporate, and Non-strategic. The Regional Banking segment offers financial products and services, including traditional lending and deposit taking, to retail and commercial customers. The Fixed Income segment provides financial services for depository and non depository institutions through the sale and distribution of fixed income securities, loan sales, portfolio advisory services, and derivative sales. The Corporate segment consists of unallocated corporate expenses, expense on subordinated debt issuances, bank owned life insurance, unallocated interest income associated with excess equity, net impact of raising incremental capital, revenue and expense associated with deferred compensation plans, funds management, tax credit investment activities, gains on the extinguishment of debt, acquisition-related costs, and various charges related to restructuring and repositioning. The Non-strategic segment includes wind down national consumer lending activities, loan portfolios, service lines and other discontinued products. The company was founded by Frank S. Davis in 1864 and is headquartered in Memphis, TN.
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