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

First Horizon (NYSE:FHN) had its target price upped by Barclays from $23.00 to $25.00 in a research report report published on Friday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group increased 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. Wedbush cut 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 report on Tuesday, September 24th. Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. UBS Group initiated coverage on First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

First Horizon Stock Performance

FHN opened at $19.94 on Friday. First Horizon has a twelve month low of $12.95 and a twelve month high of $21.72. The stock has a market cap of $10.57 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The business’s 50 day moving average is $19.27 and its 200-day moving average is $16.92. 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 (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the previous year, the business earned $0.27 EPS. On average, analysts predict that First Horizon will post 1.49 earnings per share for the current year.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is 43.48%.

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 that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the company’s 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 completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. 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 institutional investors and hedge funds have recently modified their holdings of FHN. CIBC Asset Management Inc boosted its position in First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after purchasing an additional 559 shares during the last quarter. Covestor Ltd raised its stake in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares in the last quarter. Access Investment Management LLC lifted its holdings in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after buying an additional 715 shares during the last quarter. CreativeOne Wealth LLC grew 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 buying an additional 773 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in First Horizon by 4.7% in the third quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock worth $317,000 after buying an additional 912 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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.