Royal Bank of Canada Raises First Horizon (NYSE:FHN) Price Target to $23.00

First Horizon (NYSE:FHN) had its target price increased by analysts at Royal Bank of Canada from $22.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 10.79% from the company’s previous close.

Several other analysts have also issued reports on FHN. Evercore ISI upped their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Wells Fargo & Company increased their target price on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Barclays raised their price objective on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.69.

First Horizon Trading Up 2.9 %

NYSE FHN traded up $0.59 on Wednesday, reaching $20.76. The company had a trading volume of 2,065,914 shares, compared to its average volume of 6,539,970. First Horizon has a 52 week low of $12.95 and a 52 week high of $21.72. The stock’s 50 day moving average is $18.57 and its 200-day moving average is $16.68. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the firm earned $0.27 earnings per share. Equities analysts predict that First Horizon will post 1.49 earnings per share for the current year.

First Horizon announced that its board has authorized a stock 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 repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

A number of hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc grew its position in shares of First Horizon by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after acquiring an additional 559 shares during the period. Covestor Ltd boosted its holdings in First Horizon by 44.0% in the 3rd 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. Access Investment Management LLC boosted its holdings in First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after buying an additional 715 shares during the period. CreativeOne Wealth LLC boosted its holdings in First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after buying an additional 773 shares during the period. Finally, M&T Bank Corp boosted its holdings in First Horizon by 4.7% in the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock worth $317,000 after buying an additional 912 shares during the period. 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.