First Horizon (NYSE:FHN) Price Target Raised to $23.50

First Horizon (NYSE:FHN) had its target price upped by research analysts at JPMorgan Chase & Co. from $22.50 to $23.50 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 9.47% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on FHN. Stephens increased their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Raymond James raised their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays upped their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Finally, Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

First Horizon Trading Up 0.7 %

Shares of FHN opened at $21.47 on Friday. First Horizon has a fifty-two week low of $13.45 and a fifty-two week high of $21.72. The firm has a market cap of $11.38 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 1.36 and a beta of 0.92. The firm has a 50 day moving average price of $20.39 and a 200-day moving average price of $17.64. 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 (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. 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 firm posted $0.32 EPS. As a group, equities research analysts forecast that First Horizon will post 1.5 earnings per share for the current year.

First Horizon declared that its board has authorized a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This 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 hedge funds have recently bought and sold shares of FHN. American Century Companies Inc. boosted its stake in shares of First Horizon by 2.3% during the 2nd quarter. American Century Companies Inc. now owns 239,193 shares of the financial services provider’s stock worth $3,772,000 after acquiring an additional 5,469 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in First Horizon during the second quarter valued at about $159,000. Envestnet Asset Management Inc. increased its position in First Horizon by 5.9% in the second quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock worth $1,909,000 after buying an additional 6,696 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of First Horizon by 9.1% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider’s stock valued at $406,000 after buying an additional 2,143 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of First Horizon by 11.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,396 shares of the financial services provider’s stock valued at $1,115,000 after acquiring an additional 7,436 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.