First Horizon Co. (NYSE:FHN) Receives Average Rating of “Moderate Buy” from Analysts

First Horizon Co. (NYSE:FHN) has been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $17.92.

A number of analysts recently weighed in on the stock. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Evercore ISI boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Stephens raised their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada boosted their target price on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $19.60 on Friday. The stock has a market capitalization of $10.50 billion, a P/E ratio of 14.20, a P/E/G ratio of 1.27 and a beta of 0.86. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon has a 1-year low of $10.96 and a 1-year high of $20.11. The business has a 50-day moving average price of $16.37 and a two-hundred day moving average price of $15.88.

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

First Horizon declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc boosted its stake in shares of First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the period. Covestor Ltd increased its holdings in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares in the last quarter. Access Investment Management LLC raised its position in First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 715 shares during the last quarter. Simplicity Wealth LLC boosted its stake in shares of First Horizon by 2.8% during the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after purchasing an additional 786 shares in the last quarter. Finally, KMG Fiduciary Partners LLC grew its holdings in shares of First Horizon by 0.6% during the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after purchasing an additional 952 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Company Profile

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.