First Horizon Co. (NYSE:FHN) Receives $21.00 Consensus Target Price from Brokerages

First Horizon Co. (NYSE:FHN) has been given a consensus rating of “Moderate Buy” by the thirteen research firms that are presently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $21.00.

Several equities research analysts have weighed in on the stock. Royal Bank of Canada raised their target price on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reduced their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. UBS Group began coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on shares of First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd.

First Horizon Stock Up 1.3 %

First Horizon stock opened at $20.26 on Friday. First Horizon has a twelve month low of $12.95 and a twelve month high of $21.72. The business has a fifty day moving average of $19.88 and a two-hundred day moving average of $17.27. The firm has a market cap of $10.74 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same period in the previous year, the company posted $0.27 earnings per share. On average, analysts forecast that First Horizon will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.96%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

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

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents 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 made changes to their positions in FHN. Allspring Global Investments Holdings LLC acquired a new stake in First Horizon in the 2nd quarter valued at $103,000. Atomi Financial Group Inc. purchased a new position in First Horizon during the second quarter valued at $187,000. HB Wealth Management LLC grew its position in shares of First Horizon by 35.9% in the second quarter. HB Wealth Management LLC now owns 36,258 shares of the financial services provider’s stock valued at $572,000 after purchasing an additional 9,571 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of First Horizon by 1.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 113,001 shares of the financial services provider’s stock worth $1,782,000 after purchasing an additional 1,746 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of First Horizon by 67.3% during the 2nd quarter. Principal Financial Group Inc. now owns 3,521,358 shares of the financial services provider’s stock worth $55,532,000 after purchasing an additional 1,417,075 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.