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

First Horizon (NYSE:FHN) had its price objective upped by Keefe, Bruyette & Woods from $23.00 to $24.00 in a report released on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of First Horizon in a research note on Tuesday. They set a “buy” rating and a $28.00 target price on the stock. Royal Bank Of Canada boosted their price objective on First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Wells Fargo & Company lowered their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. JPMorgan Chase & Co. increased their target price on First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Barclays boosted their price target on First Horizon from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Nine research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.29.

First Horizon Stock Up 1.5%

FHN stock opened at $24.41 on Wednesday. The stock has a market capitalization of $12.02 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 0.93 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon has a 12 month low of $15.19 and a 12 month high of $24.44. The firm has a 50-day moving average price of $21.94 and a 200-day moving average price of $21.85.

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

First Horizon declared that its Board of Directors has authorized a stock buyback plan on Monday, October 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

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

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were 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 of the company’s stock, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at $2,796,329.24. This represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is owned by insiders.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp purchased a new position in First Horizon during the third quarter worth about $25,000. Navigoe LLC bought a new stake in shares of First Horizon during the 3rd quarter valued at about $25,000. Root Financial Partners LLC bought a new position in shares of First Horizon in the third quarter worth approximately $31,000. Kestra Investment Management LLC increased its position in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its stake in First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 900 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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.