First Horizon (NYSE:FHN) Price Target Cut to $18.50

First Horizon (NYSE:FHN) had its target price lowered by research analysts at Evercore ISI from $19.50 to $18.50 in a report issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s target price points to a potential upside of 17.39% from the stock’s current price.

A number of other analysts have also commented on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Jefferies Financial Group lifted their price target on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada lifted their price target on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a research note on Thursday, July 18th. Finally, Stephens initiated coverage on First Horizon in a research note on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.38.

First Horizon Stock Down 0.1 %

Shares of NYSE FHN opened at $15.76 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. First Horizon has a 52 week low of $10.08 and a 52 week high of $17.46. The stock has a market capitalization of $8.62 billion, a P/E ratio of 11.02, a PEG ratio of 3.09 and a beta of 0.88. The stock’s fifty day moving average is $15.99 and its 200 day moving average is $15.43.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. During the same quarter in the prior year, the firm earned $0.39 EPS. Sell-side analysts forecast that First Horizon will post 1.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its holdings in shares of First Horizon by 224.4% during the first quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock valued at $439,186,000 after acquiring an additional 19,728,357 shares in the last quarter. Norges Bank bought a new stake in First Horizon during the fourth quarter worth $86,487,000. Millennium Management LLC grew its holdings in First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after buying an additional 4,558,129 shares in the last quarter. LSV Asset Management grew its holdings in First Horizon by 49.8% during the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after buying an additional 4,434,929 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in First Horizon during the second quarter worth $66,779,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.