Morgan Stanley Sticks to Their Hold Rating for First Horizon (FHN)


Morgan Stanley analyst Ken Zerbe maintained a Hold rating on First Horizon (FHN) today and set a price target of $16.00. The company’s shares closed last Thursday at $15.00.

According to TipRanks.com, Zerbe is a 4-star analyst with an average return of 10.3% and a 58.0% success rate. Zerbe covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, People’s United Financial, and Valley National Bancorp.

Currently, the analyst consensus on First Horizon is a Strong Buy with an average price target of $15.40.

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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 $1.34 billion and net profit of $536 million. In comparison, last year the company earned revenue of $461 million and had a net profit of $111 million.

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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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