First Horizon (NYSE:FHN) Price Target Raised to $24.00

by · The Markets Daily

First Horizon (NYSE:FHN – Free Report) had its price target raised by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Several other brokerages have also issued reports on FHN. Barclays upped their target price on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Stephens upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. The Goldman Sachs Group lifted their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Raymond James upped their price target on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, UBS Group initiated coverage on First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Check Out Our Latest Research Report on FHN

First Horizon Stock Up 3.5 %

NYSE FHN opened at $19.94 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon has a 52 week low of $12.95 and a 52 week high of $21.72. The business’s fifty day simple moving average is $19.27 and its 200-day simple moving average is $16.91. The firm has a market cap of $10.57 billion, a PE ratio of 14.45, a P/E/G ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter in the previous year, the company earned $0.27 EPS. As a group, equities analysts anticipate that First Horizon will post 1.49 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was 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. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’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 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 $3,323,452.80. This trade 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 Inflows and Outflows

Large investors have recently modified their holdings of the stock. UMB Bank n.a. lifted its position in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. acquired a new stake in shares of First Horizon during the second quarter worth about $28,000. Nemes Rush Group LLC lifted its holdings in shares of 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 purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon in the 2nd quarter valued at about $31,000. Finally, Covestor Ltd grew its stake in 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 buying an additional 651 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Company Profile

(Get Free Report)

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.

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