First Horizon’s (FHN) Overweight Rating Reiterated at Stephens

Stephens reissued their overweight rating on shares of First Horizon (NYSE:FHN) in a research note released on Friday,Benzinga reports. They currently have a $24.00 price target on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. Barclays boosted their price target on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Raymond James upped their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods raised their price target 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. Evercore ISI boosted their price objective 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. Finally, The Goldman Sachs Group raised their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.04.

First Horizon Stock Performance

Shares of First Horizon stock opened at $21.54 on Friday. The company’s 50 day moving average price is $20.43 and its two-hundred day moving average price is $17.71. The firm has a market capitalization of $11.42 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.36 and a beta of 0.92. First Horizon has a fifty-two week low of $13.45 and a fifty-two week high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 quarter in the prior year, the business posted $0.32 EPS. On average, equities analysts forecast that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently declared 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 dividend yield of 2.79%. The ex-dividend date was Friday, December 13th. First Horizon’s payout ratio is 43.48%.

Insider Activity at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’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 completion of the sale, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

Hedge funds have recently bought and sold shares of the business. Citigroup Inc. raised its holdings in First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after buying an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of 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 acquiring an additional 100,359 shares in the last quarter. Allen Capital Group LLC raised its holdings in shares of 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 worth $817,000 after acquiring an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC lifted its position in First Horizon by 10.1% in the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after acquiring an additional 42,793 shares in the last quarter. Finally, Entropy Technologies LP acquired 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.