First Horizon’s (FHN) Overweight Rating Reaffirmed at Stephens

Stephens restated their overweight rating on shares of First Horizon (NYSE:FHN) in a report published on Friday,Benzinga reports. They currently have a $24.00 target price on the financial services provider’s stock.

Several other equities research analysts also recently weighed in on the stock. Evercore ISI boosted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday. The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Raymond James lifted their price objective 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. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Stock Up 1.1 %

Shares of First Horizon stock opened at $21.54 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a 1-year low of $13.45 and a 1-year high of $21.72. The business has a 50-day moving average of $20.43 and a 200-day moving average of $17.68. The company has a market capitalization of $11.42 billion, a PE ratio of 15.61, a P/E/G ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN) last posted 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 return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the prior year, the firm posted $0.32 EPS. As a group, equities analysts forecast that First Horizon will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s payout ratio is 43.48%.

First Horizon declared that its board has authorized a share buyback plan 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 plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at approximately $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. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. grew its position in First Horizon by 2.3% during the second quarter. American Century Companies Inc. now owns 239,193 shares of the financial services provider’s stock valued at $3,772,000 after purchasing an additional 5,469 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of First Horizon during the 2nd quarter valued at $159,000. Envestnet Asset Management Inc. grew its holdings in shares of First Horizon by 5.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock valued at $1,909,000 after acquiring an additional 6,696 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of First Horizon by 9.1% in the second quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 2,143 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of First Horizon by 11.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 73,396 shares of the financial services provider’s stock worth $1,115,000 after acquiring an additional 7,436 shares in the last quarter. 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.