First Horizon Co. (NYSE:FHN) Receives $21.00 Average Price Target from Analysts

First Horizon Co. (NYSE:FHN) has earned an average rating of “Moderate Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $21.00.

Several research analysts recently commented on FHN shares. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Royal Bank of Canada boosted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Raymond James increased their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The sale 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 business’s stock in a transaction that occurred 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 owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Institutional Trading of First Horizon

Hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its holdings in First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the last quarter. Covestor Ltd increased its position 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 acquiring an additional 651 shares during the period. CreativeOne Wealth LLC raised its stake 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 valued at $181,000 after acquiring an additional 773 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of First Horizon by 4.7% during the third quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 912 shares during the period. Finally, KMG Fiduciary Partners LLC grew its stake in shares of First Horizon by 0.6% in the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after purchasing an additional 952 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $20.15 on Friday. The company has a 50 day moving average of $19.59 and a 200-day moving average of $17.11. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.68 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.54 and a beta of 0.91. First Horizon has a twelve month low of $12.95 and a twelve month high of $21.72.

First Horizon (NYSE:FHN) last issued its quarterly 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 analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the business earned $0.27 EPS. As a group, equities research analysts forecast that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its board has authorized a share repurchase 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 purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.