First Horizon (NYSE:FHN) Price Target Lowered to $18.00 at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its target price lowered by analysts at JPMorgan Chase & Co. from $19.00 to $18.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 13.35% from the company’s previous close.

Several other analysts have also issued reports on the stock. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Jefferies Financial Group increased their price objective on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Robert W. Baird reissued a “neutral” rating and set a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. Finally, Barclays raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $17.38.

First Horizon Price Performance

FHN stock traded up $0.41 during mid-day trading on Wednesday, hitting $15.88. 5,955,923 shares of the stock were exchanged, compared to its average volume of 6,527,363. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $8.68 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 3.17 and a beta of 0.88. The business has a fifty day moving average price of $15.65 and a 200 day moving average price of $15.49. First Horizon has a 12 month low of $10.16 and a 12 month high of $17.46.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the prior year, the company earned $0.39 EPS. On average, sell-side analysts anticipate that First Horizon will post 1.46 EPS for the current year.

Hedge Funds Weigh In On First Horizon

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after buying an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after purchasing an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Millennium Management LLC increased its holdings in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

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.