First Horizon (NYSE:FHN) Price Target Cut to $22.00 by Analysts at Keefe, Bruyette & Woods

First Horizon (NYSE:FHN) had its target price lowered by Keefe, Bruyette & Woods from $24.00 to $22.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

FHN has been the topic of a number of other research reports. Wells Fargo & Company dropped their price objective on First Horizon from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Barclays reduced their target price on First Horizon from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. raised their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Robert W. Baird raised shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Monday, April 7th. Finally, Citigroup raised their price objective on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $22.03.

First Horizon Stock Performance

Shares of FHN opened at $17.07 on Thursday. The stock’s fifty day moving average price is $19.33 and its two-hundred day moving average price is $19.49. First Horizon has a 1 year low of $14.09 and a 1 year high of $22.44. The firm has a market cap of $8.78 billion, a PE ratio of 12.55, a PEG ratio of 1.19 and a beta of 0.60. 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 posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the company earned $0.35 earnings per share. On average, equities research analysts forecast that First Horizon will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Friday, March 14th. First Horizon’s payout ratio is 44.12%.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its position in First Horizon by 102.3% during the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the period. Bank of New York Mellon Corp increased its position in shares of First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after buying an additional 7,715,191 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock worth $165,199,000 after buying an additional 6,827,040 shares in the last quarter. Norges Bank purchased a new stake in First Horizon in the fourth quarter worth about $132,418,000. Finally, Raymond James Financial Inc. purchased a new stake in First Horizon in the fourth quarter worth about $102,467,000. 80.28% of the stock is 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.