First Horizon (NYSE:FHN) Price Target Lowered to $20.00 at Wells Fargo & Company

First Horizon (NYSE:FHN - Free Report) had its price target reduced by Wells Fargo & Company from $22.00 to $20.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider's stock.

Other research analysts have also issued reports about the company. StockNews.com upgraded First Horizon from a "sell" rating to a "hold" rating in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods increased their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a research report on Thursday, December 19th. Barclays decreased their price objective on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Bank of America increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Finally, UBS Group assumed coverage on shares of First Horizon in a research report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, First Horizon currently has an average rating of "Moderate Buy" and an average price target of $22.30.

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First Horizon Trading Up 2.1 %

First Horizon stock traded up $0.35 during mid-day trading on Wednesday, hitting $17.29. The stock had a trading volume of 5,724,657 shares, compared to its average volume of 6,308,808. The stock has a 50-day simple moving average of $19.72 and a two-hundred day simple moving average of $19.49. 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 stock has a market capitalization of $8.89 billion, a PE ratio of 12.71, a P/E/G ratio of 1.19 and a beta of 0.60. First Horizon has a 12 month low of $13.72 and a 12 month high of $22.44.

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, 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 in the previous year, the business posted $0.32 earnings per share. As a group, sell-side analysts forecast that First Horizon will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.47%. The ex-dividend date was Friday, March 14th. First Horizon's dividend payout ratio (DPR) is currently 44.12%.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently modified their holdings of FHN. Quantinno Capital Management LP boosted its holdings in shares of First Horizon by 8.4% during the 3rd quarter. Quantinno Capital Management LP now owns 27,760 shares of the financial services provider's stock worth $431,000 after buying an additional 2,145 shares during the period. Stifel Financial Corp lifted its position in First Horizon by 14.8% during the third quarter. Stifel Financial Corp now owns 85,461 shares of the financial services provider's stock worth $1,327,000 after acquiring an additional 10,988 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of First Horizon during the third quarter worth approximately $182,000. Orion Portfolio Solutions LLC grew its position in shares of First Horizon by 15.7% in the third quarter. Orion Portfolio Solutions LLC now owns 42,443 shares of the financial services provider's stock valued at $659,000 after purchasing an additional 5,763 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of First Horizon by 2.5% during the third quarter. Public Employees Retirement System of Ohio now owns 223,685 shares of the financial services provider's stock worth $3,474,000 after purchasing an additional 5,394 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.