First Horizon (NYSE:FHN) Now Covered by Analysts at UBS Group

UBS Group initiated coverage on shares of First Horizon (NYSE:FHN) in a research note issued to investors on Tuesday, MarketBeat reports. The firm issued a buy rating and a $25.00 price target on the financial services provider’s stock.

Several other research analysts have also recently issued reports on FHN. Wells Fargo & Company raised their price objective on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. decreased their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research note on Thursday, October 17th. The Goldman Sachs Group boosted their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Stephens upped their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $20.38.

First Horizon Trading Down 1.7 %

Shares of First Horizon stock opened at $19.95 on Tuesday. The firm’s 50 day simple moving average is $19.06 and its two-hundred day simple moving average is $16.84. The firm has a market capitalization of $10.57 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.54 and a beta of 0.91. First Horizon has a 12-month low of $12.95 and a 12-month high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the firm earned $0.27 EPS. Analysts predict that First Horizon will post 1.49 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.01%. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its board has approved a share buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at First Horizon

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

Institutional Investors Weigh In On First Horizon

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

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.