Analysts Set First Horizon Co. (NYSE:FHN) PT at $21.00

Shares of First Horizon Co. (NYSE:FHN) have received an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $21.00.

FHN has been the subject of several recent research reports. UBS Group started coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target for the company. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company lifted their price target on shares of First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group lifted their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th.

First Horizon Trading Up 1.3 %

Shares of NYSE:FHN opened at $20.26 on Friday. First Horizon has a 52-week low of $12.95 and a 52-week high of $21.72. The stock has a market capitalization of $10.74 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The stock’s 50-day simple moving average is $19.88 and its two-hundred day simple moving average is $17.27.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during 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 period in the previous year, the business posted $0.27 earnings per share. Analysts expect that First Horizon will post 1.49 EPS for the current year.

First Horizon Dividend Announcement

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

First Horizon announced that its board has initiated a stock repurchase 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 purchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP David T. Popwell sold 100,974 shares of the 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 directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

A number of large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new stake in First Horizon in the 2nd quarter valued at about $103,000. Atomi Financial Group Inc. purchased a new position in First Horizon during the 2nd quarter worth $187,000. HB Wealth Management LLC lifted its holdings in shares of First Horizon by 35.9% in the 2nd quarter. HB Wealth Management LLC now owns 36,258 shares of the financial services provider’s stock worth $572,000 after buying an additional 9,571 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of First Horizon by 1.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 113,001 shares of the financial services provider’s stock worth $1,782,000 after buying an additional 1,746 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of First Horizon by 67.3% during the second quarter. Principal Financial Group Inc. now owns 3,521,358 shares of the financial services provider’s stock valued at $55,532,000 after buying an additional 1,417,075 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.