Brokerages Set First Horizon Co. (NYSE:FHN) Price Target at $21.00

First Horizon Co. (NYSE:FHN) has earned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $21.00.

FHN has been the topic of a number of research analyst reports. UBS Group started coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Wells Fargo & Company upped their target price on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Barclays boosted their price target on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Finally, Stephens raised their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th.

Insider Transactions at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction 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 transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $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 institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its stake in shares of First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after buying an additional 559 shares during the last quarter. Covestor Ltd lifted its holdings in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares during the period. CreativeOne Wealth LLC lifted its holdings in First Horizon by 7.1% during the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after acquiring an additional 773 shares during the period. M&T Bank Corp boosted its position in First Horizon by 4.7% in the third quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 912 shares during the last quarter. Finally, KMG Fiduciary Partners LLC grew its stake in First Horizon by 0.6% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock valued at $2,333,000 after purchasing an additional 952 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

First Horizon stock opened at $20.15 on Friday. The firm has a market cap of $10.68 billion, a P/E ratio of 14.60, a P/E/G ratio of 1.54 and a beta of 0.91. The stock’s 50 day moving average is $19.59 and its 200 day moving average is $17.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a one year low of $12.95 and a one year high of $21.72.

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. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the previous year, the company earned $0.27 EPS. As a group, research analysts expect that First Horizon will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.98%. First Horizon’s payout ratio is 43.48%.

First Horizon declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.