First Horizon (NYSE:FHN) Price Target Raised to $23.00

First Horizon (NYSE:FHN) had its target price boosted by Royal Bank of Canada from $22.00 to $23.00 in a research report released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

Several other equities research analysts also recently weighed in on FHN. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Stephens boosted their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. dropped their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Evercore ISI raised their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company upped their target price on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.69.

First Horizon Stock Down 0.5 %

Shares of First Horizon stock opened at $20.20 on Wednesday. The stock’s 50-day moving average is $18.88 and its 200 day moving average is $16.77. First Horizon has a one year low of $12.95 and a one year high of $21.72. The firm has a market cap of $10.71 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.54 and a beta of 0.91. 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 (NYSE:FHN) last posted 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. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the business earned $0.27 EPS. Equities research analysts anticipate that First Horizon will post 1.49 EPS for the current year.

First Horizon declared that its board has authorized a stock repurchase program on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

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 issued 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 2.97%. First Horizon’s dividend payout ratio is currently 43.48%.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % 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.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. boosted its stake in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new stake in shares of First Horizon in the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC lifted its stake in First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in First Horizon during the second quarter valued at $31,000. Finally, Covestor Ltd increased its position in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

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.