Wells Fargo & Company Lowers First Horizon (NYSE:FHN) Price Target to $20.00

First Horizon (NYSE:FHN) had its target price cut by analysts at Wells Fargo & Company from $22.00 to $20.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 18.24% from the company’s current price.

Several other equities analysts have also recently issued reports on FHN. JPMorgan Chase & Co. boosted their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Monday. UBS Group started coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target for the company. Stephens reiterated an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Finally, Bank of America upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.30.

First Horizon Stock Performance

Shares of FHN opened at $16.92 on Wednesday. The company’s 50 day simple moving average is $19.82 and its 200-day simple moving average is $19.45. The firm has a market cap of $8.70 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. First Horizon has a 12-month low of $13.72 and a 12-month high of $22.44. 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 issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the company posted $0.32 EPS. As a group, equities analysts predict that First Horizon will post 1.67 EPS for the current year.

Insider Activity

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Several institutional investors and hedge funds have recently made changes to their positions in FHN. Belpointe Asset Management LLC increased its holdings in First Horizon by 3.1% during the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 535 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of First Horizon by 3.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 571 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of First Horizon by 29.9% during the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 591 shares in the last quarter. Independent Advisor Alliance raised its position in shares of First Horizon by 1.1% during the 4th quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider’s stock worth $1,163,000 after purchasing an additional 632 shares during the last quarter. Finally, Access Investment Management LLC lifted its stake in First Horizon by 0.8% in the 4th quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider’s stock valued at $1,782,000 after buying an additional 675 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Company Profile

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.