First Horizon (NYSE:FHN) Price Target Raised to $25.00

First Horizon (NYSE:FHN) had its price target lifted by Bank of America from $23.00 to $25.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on the stock. Raymond James raised their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Evercore ISI lifted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods upped their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Finally, Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Performance

Shares of FHN stock opened at $21.54 on Friday. The company has a market cap of $11.42 billion, a P/E ratio of 15.61, a PEG ratio of 1.36 and a beta of 0.92. The firm has a fifty day moving average price of $20.43 and a 200 day moving average price of $17.71. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon has a 12 month low of $13.45 and a 12 month high of $21.72.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the business posted $0.32 earnings per share. Sell-side analysts predict that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.79%. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon declared that its board has initiated a stock buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred 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 sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was 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

Several hedge funds have recently bought and sold shares of FHN. Versant Capital Management Inc grew its holdings in First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. UMB Bank n.a. boosted its position in shares of First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. Nemes Rush Group LLC grew its stake in First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,378 shares during the last quarter. Covestor Ltd increased its holdings in First Horizon by 44.0% during 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 in the last quarter. Finally, True Wealth Design LLC acquired a new position in First Horizon during the third quarter worth about $36,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.