First Horizon (NYSE:FHN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

First Horizon (NYSE:FHN) had its target price hoisted by equities researchers at Wells Fargo & Company from $18.00 to $21.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 1.45% from the stock’s current price.

FHN has been the topic of a number of other research reports. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Barclays raised their target price on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Stephens raised their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.46.

First Horizon Trading Up 0.4 %

Shares of FHN opened at $20.70 on Tuesday. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72. The company has a 50-day moving average of $18.06 and a 200 day moving average of $16.52. The firm has a market capitalization of $10.97 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.55 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter last year, the firm posted $0.27 EPS. On average, research analysts expect that First Horizon will post 1.49 EPS for the current year.

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

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

A number of large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its holdings in shares of First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after buying an additional 285,108 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of First Horizon by 13.1% during the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after buying an additional 100,359 shares in the last quarter. Greenwood Capital Associates LLC grew its holdings in shares of First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after buying an additional 42,793 shares in the last quarter. Allen Capital Group LLC grew its holdings in shares of First Horizon by 128.4% during the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after buying an additional 29,581 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of First Horizon by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock valued at $1,644,000 after purchasing an additional 59,258 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

About First Horizon

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.