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

First Horizon (NYSE:FHN) had its price objective raised by Barclays from $21.00 to $23.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on FHN. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Evercore ISI increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $18.38.

First Horizon Trading Up 0.5 %

FHN stock traded up $0.09 during midday trading on Friday, reaching $19.69. 7,645,749 shares of the company’s stock traded hands, compared to its average volume of 7,276,455. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. First Horizon has a fifty-two week low of $10.96 and a fifty-two week high of $20.11. The business has a 50-day moving average price of $16.44 and a two-hundred day moving average price of $15.91. The company has a market capitalization of $10.55 billion, a P/E ratio of 14.26, a PEG ratio of 1.50 and a beta of 0.86.

First Horizon (NYSE:FHN) last posted 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 business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter in the previous year, the business posted $0.27 EPS. Equities research analysts forecast that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon declared that its board has approved a share 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 buy up to 10.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at First Horizon

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 shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC lifted its holdings in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of First Horizon during the second quarter valued at $66,779,000. Bank of New York Mellon Corp grew its position in shares of First Horizon by 13.6% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after acquiring an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings in shares of First Horizon by 499.8% in the 1st quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after acquiring an additional 3,340,700 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.