First Horizon (NYSE:FHN) Now Covered by Analysts at UBS Group

Research analysts at UBS Group started coverage on shares of First Horizon (NYSE:FHN) in a research note issued on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $25.00 price target on the financial services provider’s stock. UBS Group’s price target would indicate a potential upside of 30.82% from the stock’s previous close.

FHN has been the topic of several other reports. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Barclays raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. dropped their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company upped their price objective on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Stephens upped their price objective on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.38.

First Horizon Stock Down 4.2 %

First Horizon stock opened at $19.11 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average price is $19.13 and its two-hundred day moving average price is $16.86. The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the previous year, the company posted $0.27 EPS. On average, equities research analysts predict that First Horizon will post 1.49 earnings per share for the current fiscal year.

First Horizon declared that its board has approved a stock buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new position in First Horizon during the 2nd quarter valued at approximately $28,000. Nemes Rush Group LLC lifted its holdings in First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. bought a new stake in shares of First Horizon in the 2nd quarter worth approximately $31,000. Finally, Covestor Ltd increased its stake in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the period. 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.