JPMorgan Chase & Co. Cuts First Horizon (NYSE:FHN) Price Target to $18.00

First Horizon (NYSE:FHN) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $19.00 to $18.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 13.35% from the stock’s current price.

Several other brokerages also recently commented on FHN. Robert W. Baird restated a “neutral” rating and set a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Evercore ISI lowered their price target on First Horizon from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Raymond James lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Finally, Jefferies Financial Group boosted their target price on shares of First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Stock Performance

FHN traded up $0.41 during trading on Wednesday, hitting $15.88. The company’s stock had a trading volume of 5,955,923 shares, compared to its average volume of 6,527,363. First Horizon has a one year low of $10.16 and a one year high of $17.46. The business’s 50 day simple moving average is $15.65 and its 200-day simple moving average is $15.49. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $8.68 billion, a PE ratio of 11.11, a P/E/G ratio of 3.17 and a beta of 0.88.

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

Institutional Investors Weigh In On First Horizon

Several large investors have recently added to or reduced their stakes in FHN. Millennium Management LLC lifted its position in First Horizon by 46.5% in 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 during the last quarter. LSV Asset Management lifted its holdings in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after acquiring an additional 4,434,929 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of First Horizon during the 2nd quarter worth about $66,779,000. Bank of New York Mellon Corp grew its holdings in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after purchasing an additional 3,870,946 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after purchasing an additional 3,470,346 shares during the period. 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.