Analysts Set First Horizon Corporation (NYSE:FHN) PT at $26.45

Shares of First Horizon Corporation (NYSE:FHN) have received a consensus recommendation of “Hold” from the twenty analysts that are currently covering the firm, MarketBeat.com reports. Eleven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $26.4474.

FHN has been the topic of several recent research reports. Zacks Research cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Citigroup upped their target price on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. The Goldman Sachs Group set a $27.00 price target on shares of First Horizon and gave the company a “neutral” rating in a report on Tuesday, January 6th. Keefe, Bruyette & Woods upped their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Finally, UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and cut their price target for the company from $29.00 to $25.00 in a report on Tuesday, April 7th.

Insider Buying and Selling

In related news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.91% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in First Horizon in the 4th quarter worth about $153,942,000. Artemis Investment Management LLP bought a new position in First Horizon in the 4th quarter worth about $90,319,000. Jupiter Asset Management Ltd. bought a new position in First Horizon in the 3rd quarter worth about $49,180,000. Cullen Capital Management LLC grew its stake in First Horizon by 3,401.0% in the 4th quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after acquiring an additional 1,972,461 shares in the last quarter. Finally, HRT Financial LP bought a new position in shares of First Horizon during the fourth quarter valued at approximately $42,600,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Up 0.5%

Shares of NYSE FHN opened at $24.72 on Friday. The firm’s 50-day moving average price is $23.49 and its 200-day moving average price is $23.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $11.80 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 0.96 and a beta of 0.62. First Horizon has a 12-month low of $17.23 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. On average, equities research analysts anticipate that First Horizon will post 2.16 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is currently 34.00%.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.