Wells Fargo & Company Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN) had its price target boosted by analysts at Wells Fargo & Company from $23.00 to $25.00 in a report released on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 12.18% from the company’s current price.

Other equities research analysts have also issued reports about the company. UBS Group reiterated a “buy” rating and issued a $29.00 target price on shares of First Horizon in a report on Wednesday, February 4th. Raymond James Financial lifted their price target on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Truist Financial set a $27.00 price objective on shares of First Horizon in a research note on Friday, January 9th. TD Cowen increased their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, January 16th. Finally, Stephens boosted their price target on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Nine research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of “Hold” and a consensus target price of $26.76.

First Horizon Stock Up 0.7%

FHN traded up $0.16 on Monday, reaching $22.29. The company’s stock had a trading volume of 442,520 shares, compared to its average volume of 6,357,624. First Horizon has a 1 year low of $15.19 and a 1 year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business’s 50 day moving average is $23.88 and its 200 day moving average is $23.08. The stock has a market cap of $10.64 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 0.84 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter last year, the business posted $0.43 earnings per share. As a group, research analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.91% of the stock is owned by insiders.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Navigoe LLC bought a new stake in shares of First Horizon in the 3rd quarter valued at about $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of First Horizon in the third quarter worth $25,000. Root Financial Partners LLC bought a new stake in First Horizon during the 3rd quarter valued at $31,000. Kestra Investment Management LLC boosted its position in First Horizon by 873.1% during 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, Geneos Wealth Management Inc. raised its stake in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

About First Horizon

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.