First Horizon Co. (NYSE:FHN) Receives $22.04 Consensus Target Price from Brokerages

Shares of First Horizon Co. (NYSE:FHN - Get Free Report) have been given an average recommendation of "Moderate Buy" by the fourteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $22.04.

Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a research report on Friday, January 17th. Bank of America increased their target price on First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a report on Friday, January 17th. Barclays lifted their price target on First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. Evercore ISI increased their price objective on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th.

First Horizon Price Performance

Shares of FHN traded up $0.01 during midday trading on Friday, reaching $22.18. The stock had a trading volume of 2,933,765 shares, compared to its average volume of 5,519,979. The company has a market capitalization of $11.76 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 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 company's 50-day moving average is $20.97 and its 200 day moving average is $18.56.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating analysts' consensus estimates 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 in the previous year, the company earned $0.32 EPS. On average, equities analysts predict that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has approved a stock repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 2.71%. First Horizon's payout ratio is 44.12%.

Insider Activity

In other news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.87% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FHN. Bank of New York Mellon Corp grew its stake in shares of First Horizon by 26.2% in the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider's stock worth $747,822,000 after acquiring an additional 7,715,191 shares during the last quarter. State Street Corp boosted its stake in First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock worth $410,789,000 after purchasing an additional 4,116,486 shares in the last quarter. Millennium Management LLC grew its position in First Horizon by 102.3% during the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in First Horizon by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider's stock valued at $400,173,000 after purchasing an additional 97,429 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in First Horizon by 0.7% in the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider's stock worth $145,194,000 after buying an additional 61,397 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Company Profile

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.