First Horizon (NYSE:FHN) Price Target Raised to $22.00

First Horizon (NYSE:FHN) had its target price lifted by Wells Fargo & Company from $21.00 to $22.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Several other research analysts have also commented on FHN. UBS Group began coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Barclays upped their price target on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Raymond James upped their target price on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. lowered their price target on First Horizon from $23.00 to $22.50 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $21.54 on Friday. The firm has a 50 day moving average of $20.43 and a 200 day moving average of $17.71. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $11.42 billion, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. First Horizon has a 52 week low of $13.45 and a 52 week 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, beating 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 period in the prior year, the firm posted $0.32 EPS. On average, sell-side analysts predict that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

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

First Horizon declared that its Board of Directors has approved a share repurchase program 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 purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on 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 represents a 16.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value 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. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Citigroup Inc. boosted its holdings in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after acquiring an additional 285,108 shares during the period. Los Angeles Capital Management LLC grew its position in 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 during the period. Allen Capital Group LLC increased its stake in First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 29,581 shares in the last quarter. Greenwood Capital Associates LLC increased its position in shares of First Horizon by 10.1% in the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after buying an additional 42,793 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in First Horizon during the 3rd quarter valued at about $2,669,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.