First Horizon Corporation (NYSE:FHN) Receives $24.50 Consensus Price Target from Analysts

First Horizon Corporation (NYSE:FHN) has earned a consensus rating of “Moderate Buy” from the nineteen analysts that are covering the stock, Marketbeat reports. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $25.2941.

FHN has been the topic of a number of recent analyst reports. Raymond James Financial set a $23.00 price objective on First Horizon in a research note on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Horizon in a research report on Tuesday. They set a “buy” rating and a $28.00 price objective for the company. Robert W. Baird reissued a “neutral” rating and set a $25.00 target price on shares of First Horizon in a research note on Thursday, December 11th. Wells Fargo & Company dropped their target price on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. Finally, Cowen assumed coverage on First Horizon in a report on Wednesday, September 24th. They set a “hold” rating for the company.

First Horizon Price Performance

FHN stock opened at $24.41 on Friday. The company has a market capitalization of $12.02 billion, a P/E ratio of 14.80, a PEG ratio of 0.93 and a beta of 0.62. The company has a fifty day moving average price of $21.94 and a 200-day moving average price of $21.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a 52-week low of $15.19 and a 52-week high of $24.44.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The business had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period last year, the company earned $0.42 EPS. First Horizon’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, equities analysts expect that First Horizon will post 1.67 EPS for the current year.

First Horizon announced that its board has authorized a stock repurchase plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 annualized dividend and a yield of 2.5%. First Horizon’s dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC grew its position in First Horizon by 11.2% in the 1st quarter. LPL Financial LLC now owns 182,878 shares of the financial services provider’s stock valued at $3,551,000 after purchasing an additional 18,377 shares during the period. Townsquare Capital LLC grew its holdings in shares of First Horizon by 6.5% during the first quarter. Townsquare Capital LLC now owns 37,185 shares of the financial services provider’s stock valued at $722,000 after buying an additional 2,257 shares during the last quarter. Invesco Ltd. increased its position in shares of First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock worth $131,192,000 after acquiring an additional 2,968,012 shares in the last quarter. Nuveen LLC acquired a new stake in shares of First Horizon in the 1st quarter worth about $46,640,000. Finally, HighTower Advisors LLC lifted its position in First Horizon by 1.0% in the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock valued at $1,175,000 after acquiring an additional 575 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.