Raymond James Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its target price boosted by Raymond James from $19.00 to $22.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other equities analysts also recently issued reports about the company. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Evercore ISI boosted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Stephens boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.38.

First Horizon Price Performance

First Horizon stock opened at $20.03 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. First Horizon has a one year low of $11.12 and a one year high of $20.53. The firm has a market capitalization of $10.73 billion, a P/E ratio of 14.51, a PEG ratio of 1.47 and a beta of 0.86. The business has a fifty day moving average price of $16.50 and a 200-day moving average price of $15.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the business posted $0.27 EPS. As a group, equities research analysts forecast that First Horizon will post 1.49 EPS for the current year.

First Horizon declared that its board has initiated a share buyback program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.00%. First Horizon’s payout ratio is 43.48%.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by insiders.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Holdings Inc. raised its stake in First Horizon by 24.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock valued at $514,000 after acquiring an additional 6,500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of First Horizon by 48.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,595 shares of the financial services provider’s stock valued at $1,796,000 after acquiring an additional 38,295 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of First Horizon by 713.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 29,300 shares of the financial services provider’s stock worth $451,000 after purchasing an additional 25,700 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of First Horizon during the first quarter worth $106,000. Finally, Sei Investments Co. lifted its stake in First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after buying an additional 155,982 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.