The Goldman Sachs Group Boosts First Horizon (NYSE:FHN) Price Target to $23.00

First Horizon (NYSE:FHN) had its target price hoisted by The Goldman Sachs Group from $18.50 to $23.00 in a research note issued to investors on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also commented on FHN. Raymond James increased their target price on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. cut their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Royal Bank of Canada boosted their target price on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Stephens increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Evercore ISI boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Seven 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.71.

First Horizon Price Performance

Shares of NYSE FHN opened at $21.21 on Tuesday. The stock’s 50-day moving average is $17.43 and its two-hundred day moving average is $16.31. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $11.24 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86. First Horizon has a 1-year low of $11.87 and a 1-year high of $21.72.

First Horizon (NYSE:FHN) last issued 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 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 analysts’ expectations of $821.63 million. During the same quarter last year, the company earned $0.27 earnings per share. Analysts forecast that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon announced that its board has approved a stock repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.83%. First Horizon’s dividend payout ratio (DPR) is 43.48%.

Insider Buying and Selling at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were 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 represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FHN. CIBC Asset Management Inc increased its holdings in 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 in the last quarter. Covestor Ltd raised its position in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. Access Investment Management LLC lifted its stake 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 valued at $1,382,000 after buying an additional 715 shares in the last quarter. CreativeOne Wealth LLC lifted its stake 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 valued at $181,000 after buying an additional 773 shares in the last quarter. Finally, Simplicity Wealth LLC grew its holdings in First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after buying an additional 786 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.