JPMorgan Chase & Co. Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its target price lifted by investment analysts at JPMorgan Chase & Co. from $22.50 to $23.50 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 9.08% from the company’s current price.

Other research analysts also recently issued reports about the stock. Royal Bank of Canada raised their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Stephens upped 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. The Goldman Sachs Group raised 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, Evercore ISI upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Trading Up 1.1 %

Shares of NYSE FHN opened at $21.54 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average price is $20.43 and its two-hundred day moving average price is $17.69. First Horizon has a 52-week low of $13.45 and a 52-week high of $21.72. The stock has a market capitalization of $11.42 billion, a P/E ratio of 15.61, a PEG ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating 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 last year, the company posted $0.32 EPS. On average, analysts anticipate that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon declared that its board has approved a stock buyback plan 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 reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the business’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 transaction of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’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 completion of the sale, 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. Company insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Large investors have recently modified their holdings of the stock. UMB Bank n.a. lifted its holdings in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. Nemes Rush Group LLC raised its holdings in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the period. Versant Capital Management Inc lifted its stake in First Horizon by 160.1% during 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. Covestor Ltd boosted its holdings in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares during the period. Finally, True Wealth Design LLC purchased a new position in shares of First Horizon in the third quarter worth approximately $36,000. 80.28% of the stock is owned by 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.