First Horizon (NYSE:FHN) Price Target Raised to $21.00

First Horizon (NYSE:FHN) had its target price increased by Wells Fargo & Company from $18.00 to $21.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on the company. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Barclays upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Raymond James lifted their price target on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $19.46.

First Horizon Stock Performance

Shares of FHN opened at $20.61 on Tuesday. 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 has a 1 year low of $12.95 and a 1 year high of $21.72. The firm has a fifty day moving average of $18.17 and a 200-day moving average of $16.55. The company has a market cap of $10.93 billion, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

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

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.91%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

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

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The stock was 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 trade represents a 16.26 % 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. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently bought and sold shares of the business. Citigroup Inc. boosted its stake in shares of First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after acquiring an additional 285,108 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in First Horizon by 13.1% during the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after purchasing an additional 100,359 shares during the period. Greenwood Capital Associates LLC grew its holdings in First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after purchasing an additional 42,793 shares during the last quarter. Allen Capital Group LLC raised its position in shares of First Horizon by 128.4% in the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 29,581 shares during the period. Finally, Entropy Technologies LP acquired a new stake in shares of First Horizon in the third quarter worth $2,669,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.