First Horizon (NYSE:FHN) Given New $22.50 Price Target at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its price target cut by JPMorgan Chase & Co. from $23.00 to $22.50 in a research report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other equities analysts have also commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. UBS Group initiated coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Raymond James raised their target price on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. The Goldman Sachs Group boosted their price target on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Barclays raised their price objective on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $21.35.

First Horizon Stock Up 0.1 %

FHN opened at $20.49 on Tuesday. The stock has a fifty day moving average of $20.01 and a 200-day moving average of $17.40. The company has a market capitalization of $10.86 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.51 and a beta of 0.92. First Horizon has a fifty-two week low of $12.95 and a fifty-two week high of $21.72. 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 quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. 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 business posted $0.27 earnings per share. On average, equities analysts expect that First Horizon will post 1.49 EPS for the current year.

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

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

Insider Activity at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’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 completion of the sale, the director now directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Hedge funds and other institutional investors have recently modified their holdings of the company. Everence Capital Management Inc. bought a new position in shares of First Horizon in the 4th quarter worth $286,000. GAMMA Investing LLC raised its holdings in First Horizon by 10.6% during the fourth quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock worth $184,000 after buying an additional 875 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares in the last quarter. 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. Finally, Tidal Investments LLC increased its position in shares of First Horizon by 5.9% during the third quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock worth $1,035,000 after acquiring an additional 3,722 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

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.