First Horizon (NYSE:FHN) Given New $25.00 Price Target at Barclays

First Horizon (NYSE:FHN) had its target price lifted by Barclays from $23.00 to $25.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on FHN. Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday. Evercore ISI lifted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. cut their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

First Horizon Stock Up 3.5 %

Shares of FHN opened at $19.94 on Friday. First Horizon has a 1 year low of $12.95 and a 1 year high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a 50 day simple moving average of $19.20 and a two-hundred day simple moving average of $16.88. The firm has a market cap of $10.57 billion, a P/E ratio of 14.45, a P/E/G ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The company 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 quarter last year, the firm earned $0.27 EPS. On average, analysts forecast that First Horizon will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed 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 of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 3.01%. First Horizon’s payout ratio is 43.48%.

First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

Institutional Trading of First Horizon

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. grew its holdings in shares of First Horizon by 552.9% during the third quarter. Franklin Resources Inc. now owns 273,693 shares of the financial services provider’s stock valued at $4,502,000 after buying an additional 231,773 shares during the last quarter. Tidal Investments LLC boosted its stake in First Horizon by 5.9% during the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock valued at $1,035,000 after purchasing an additional 3,722 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of First Horizon in the 3rd quarter worth $127,000. Sanctuary Advisors LLC raised its stake in shares of First Horizon by 16.8% in the third quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock worth $383,000 after purchasing an additional 3,540 shares during the last quarter. Finally, Virtu Financial LLC raised its stake in shares of First Horizon by 227.0% in the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 23,203 shares during the last quarter. 80.28% of the stock is currently owned by 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.