Barclays Increases First Horizon (NYSE:FHN) Price Target to $25.00

First Horizon (NYSE:FHN) had its price target hoisted by Barclays from $23.00 to $25.00 in a research report report published on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

Other analysts also recently issued reports about the stock. UBS Group began coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target for the company. Wells Fargo & Company increased their target price on shares of First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Raymond James boosted their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Royal Bank of Canada boosted their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

First Horizon Stock Up 3.5 %

Shares of First Horizon stock opened at $19.94 on Friday. First Horizon has a 12-month low of $12.95 and a 12-month high of $21.72. The stock has a market capitalization of $10.57 billion, a P/E ratio of 14.45, 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. The stock has a 50 day moving average price of $19.27 and a two-hundred day moving average price of $16.92.

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

First Horizon announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.01%. First Horizon’s dividend payout ratio is presently 43.48%.

Insider Activity at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly 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. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. raised its stake 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 worth $4,502,000 after buying an additional 231,773 shares during the last quarter. Tidal Investments LLC increased its holdings in First Horizon by 5.9% in the third quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock valued at $1,035,000 after purchasing an additional 3,722 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in First Horizon during the third quarter worth about $127,000. Sanctuary Advisors LLC boosted its holdings in First Horizon by 16.8% during the third quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock worth $383,000 after buying an additional 3,540 shares during the last quarter. Finally, Virtu Financial LLC grew its position in shares of First Horizon by 227.0% during the 3rd quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock worth $519,000 after buying an additional 23,203 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

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.