Truist Financial Raises First Horizon (NYSE:FHN) Price Target to $26.00

First Horizon (NYSE:FHN) had its target price boosted by equities research analysts at Truist Financial from $24.00 to $26.00 in a report released on Thursday, Marketbeat.com reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 7.53% from the stock’s current price.

FHN has been the topic of a number of other research reports. Robert W. Baird restated a “neutral” rating and issued a $25.00 price objective on shares of First Horizon in a report on Thursday, December 11th. Keefe, Bruyette & Woods boosted their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday. Baird R W lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Barclays lifted their price objective on First Horizon from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Nine equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Hold” and a consensus target price of $25.29.

First Horizon Price Performance

First Horizon stock traded up $0.31 during midday trading on Thursday, reaching $24.18. The company had a trading volume of 261,461 shares, compared to its average volume of 7,987,151. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a 12-month low of $15.19 and a 12-month high of $24.11. The company has a market capitalization of $11.91 billion, a P/E ratio of 14.66, a P/E/G ratio of 0.92 and a beta of 0.62. The firm’s fifty day simple moving average is $21.88 and its 200-day simple moving average is $21.81.

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

First Horizon announced that its board has initiated a stock repurchase program on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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 sale, the executive vice president directly owned 307,432 shares in the company, 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 is accessible through this link. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction dated Wednesday, November 12th. The stock was 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 approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. 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

Several large investors have recently made changes to their positions in FHN. Atlantic Union Bankshares Corp purchased a new stake in First Horizon in the third quarter valued at approximately $25,000. Navigoe LLC purchased a new position in shares of First Horizon during the third quarter worth $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon in the 3rd quarter valued at $31,000. Kestra Investment Management LLC raised its holdings in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its stake in First Horizon by 122.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 900 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.