First Horizon (NYSE:FHN) Price Target Raised to $23.50

First Horizon (NYSE:FHN) had its target price boosted by JPMorgan Chase & Co. from $22.50 to $23.50 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other brokerages also recently weighed in on FHN. UBS Group assumed coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target for the company. The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Evercore ISI lifted their target price 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. Wells Fargo & Company increased their price target on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Trading Up 1.1 %

Shares of First Horizon stock opened at $21.54 on Friday. The company’s fifty day moving average is $20.43 and its two-hundred day moving average is $17.71. First Horizon has a 1 year low of $13.45 and a 1 year high of $21.72. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $11.42 billion, a P/E ratio of 15.61, a PEG ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the previous year, the firm posted $0.32 EPS. Analysts forecast that First Horizon will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its board has authorized 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 repurchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated 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 directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several hedge funds and other institutional investors have recently modified their holdings of FHN. CIBC Asset Management Inc raised its holdings in 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 raised its stake in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares during the period. CreativeOne Wealth LLC raised its stake in shares of First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after acquiring an additional 773 shares during the period. GAMMA Investing LLC lifted its holdings in shares of First Horizon by 10.6% during the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock valued at $184,000 after acquiring an additional 875 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares during the period. 80.28% of the stock is 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.