First Horizon (NYSE:FHN) Given New $22.00 Price Target at Raymond James

First Horizon (NYSE:FHN) had its price objective dropped by Raymond James from $23.00 to $22.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price target would suggest a potential upside of 13.02% from the company’s previous close.

Several other equities analysts have also recently issued reports on FHN. Citigroup lifted their price objective on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Wells Fargo & Company increased their price objective on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Bank of America lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their price objective on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, UBS Group began coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and an average price target of $22.23.

First Horizon Stock Performance

NYSE:FHN traded up $0.33 during midday trading on Wednesday, reaching $19.47. The stock had a trading volume of 538,573 shares, compared to its average volume of 6,050,272. The stock has a market cap of $10.01 billion, a P/E ratio of 14.31, a P/E/G ratio of 1.19 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon has a 12-month low of $13.72 and a 12-month high of $22.44. The firm has a fifty day simple moving average of $20.56 and a two-hundred day simple moving average of $19.41.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the company posted $0.32 EPS. On average, equities analysts expect that First Horizon will post 1.67 EPS for the current year.

Insider Buying and Selling

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its position in shares of First Horizon by 13.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 152,291 shares of the financial services provider’s stock worth $3,067,000 after acquiring an additional 17,934 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in First Horizon in the 4th quarter worth about $6,858,000. Carolinas Wealth Consulting LLC increased its stake in shares of First Horizon by 359.5% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 17,998 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 14,081 shares during the period. Forum Financial Management LP raised its holdings in shares of First Horizon by 26.8% during the fourth quarter. Forum Financial Management LP now owns 14,958 shares of the financial services provider’s stock valued at $301,000 after buying an additional 3,159 shares during the last quarter. Finally, GTS Securities LLC boosted its position in shares of First Horizon by 132.4% during the fourth quarter. GTS Securities LLC now owns 33,834 shares of the financial services provider’s stock worth $681,000 after buying an additional 19,278 shares during the period. 80.28% of the stock is owned by institutional investors.

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.