Raymond James Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target boosted by equities researchers at Raymond James from $19.00 to $22.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price target suggests a potential upside of 12.53% from the company’s current price.

A number of other equities analysts have also recently commented on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Barclays increased their price objective on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday. Evercore ISI raised their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Stephens upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

First Horizon Trading Down 0.3 %

NYSE FHN traded down $0.05 on Friday, reaching $19.55. The company had a trading volume of 2,397,569 shares, compared to its average volume of 6,603,768. The business has a 50 day moving average of $16.37 and a two-hundred day moving average of $15.88. First Horizon has a fifty-two week low of $10.96 and a fifty-two week high of $20.11. The firm has a market cap of $10.48 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.27 and a beta of 0.86. 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 (NYSE:FHN) last issued its quarterly earnings data 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 return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the business earned $0.27 EPS. Analysts forecast that First Horizon will post 1.48 EPS for the current year.

First Horizon announced that its Board of Directors has approved a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of First Horizon

Large investors have recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. raised its stake in First Horizon by 24.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock worth $514,000 after acquiring an additional 6,500 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of First Horizon by 48.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,595 shares of the financial services provider’s stock valued at $1,796,000 after purchasing an additional 38,295 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of First Horizon by 713.9% in the first quarter. Daiwa Securities Group Inc. now owns 29,300 shares of the financial services provider’s stock worth $451,000 after acquiring an additional 25,700 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in First Horizon during the 1st quarter worth about $106,000. Finally, Sei Investments Co. increased its stake in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after acquiring an additional 155,982 shares during the last quarter. Institutional investors and hedge funds 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.