Wells Fargo & Company Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its target price upped by stock analysts at Wells Fargo & Company from $25.00 to $26.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 1.23% from the company’s current price.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $26.00 to $28.50 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Autonomous Res raised First Horizon from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday. Finally, DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.77.

First Horizon Stock Up 0.0%

FHN stock opened at $25.68 on Monday. First Horizon has a 52 week low of $19.80 and a 52 week high of $26.56. The business has a 50-day simple moving average of $24.57 and a 200 day simple moving average of $24.18. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market cap of $12.19 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. During the same period in the prior year, the company posted $0.42 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts anticipate that First Horizon will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHN. Kestra Investment Management LLC raised its stake in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the period. Basecamp Wealth Advisors LLC raised its position in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in First Horizon during the 4th quarter worth about $51,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.