First Horizon (NYSE:FHN) Price Target Raised to $23.00

First Horizon (NYSE:FHN) had its target price hoisted by Royal Bank of Canada from $22.00 to $23.00 in a report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. decreased their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Stephens raised their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays lifted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Wells Fargo & Company increased their target price on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Raymond James lifted their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $19.69.

First Horizon Stock Performance

Shares of FHN stock opened at $20.20 on Wednesday. First Horizon has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a market capitalization of $10.71 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.54 and a beta of 0.91. The company has a 50-day simple moving average of $18.88 and a 200 day simple moving average of $16.77. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the company posted $0.27 earnings per share. On average, sell-side analysts predict that First Horizon will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.97%. First Horizon’s payout ratio is currently 43.48%.

First Horizon declared that its board has initiated a share buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its holdings in First Horizon by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after buying an additional 559 shares during the period. Covestor Ltd raised its position in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares during the last quarter. Access Investment Management LLC lifted its stake in shares of First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after acquiring an additional 715 shares during the period. CreativeOne Wealth LLC boosted its holdings in First Horizon by 7.1% in the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after acquiring an additional 773 shares during the last quarter. Finally, M&T Bank Corp increased its position in First Horizon by 4.7% during the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 912 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

About First Horizon

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.