First Horizon (NYSE:FHN) Price Target Raised to $27.00

First Horizon (NYSE:FHN) had its price target lifted by JPMorgan Chase & Co. from $23.00 to $27.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other equities research analysts have also commented on FHN. Robert W. Baird reaffirmed a “neutral” rating and set a $25.00 price target on shares of First Horizon in a research report on Thursday, December 11th. Barclays boosted their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Keefe, Bruyette & Woods dropped their price target on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating on the stock in a research note on Thursday, October 16th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of First Horizon in a research note on Tuesday, December 9th. Nine investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.29.

First Horizon Price Performance

Shares of FHN opened at $24.05 on Tuesday. The firm has a fifty day simple moving average of $21.89 and a two-hundred day simple moving average of $21.82. The firm has a market cap of $11.84 billion, a PE ratio of 14.57, a P/E/G ratio of 0.93 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon has a 1-year low of $15.19 and a 1-year high of $24.21.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. The company had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.First Horizon’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. On average, equities analysts anticipate that First Horizon will post 1.67 EPS for the current year.

First Horizon announced that its board has approved a share buyback plan on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio is presently 36.36%.

Insider Transactions at First Horizon

In other news, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Several hedge funds have recently bought and sold shares of the stock. Baird Financial Group Inc. bought a new position in shares of First Horizon during the 1st quarter valued at approximately $7,506,000. American Century Companies Inc. increased its position in First Horizon by 12.5% in the first quarter. American Century Companies Inc. now owns 283,790 shares of the financial services provider’s stock worth $5,511,000 after purchasing an additional 31,576 shares during the last quarter. Maverick Capital Ltd. raised its stake in First Horizon by 117.7% during the first quarter. Maverick Capital Ltd. now owns 35,493 shares of the financial services provider’s stock valued at $689,000 after purchasing an additional 19,191 shares in the last quarter. Wealth Preservation Advisors LLC bought a new position in First Horizon during the first quarter valued at $983,000. Finally, Comerica Bank grew its stake in shares of First Horizon by 5.8% in the 1st quarter. Comerica Bank now owns 237,910 shares of the financial services provider’s stock worth $4,620,000 after buying an additional 13,119 shares in the last quarter. Hedge funds and other 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.