Raymond James Increases First Horizon (NYSE:FHN) Price Target to $22.00

First Horizon (NYSE:FHN - Get Free Report) had its target price increased by equities researchers at Raymond James from $19.00 to $22.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Raymond James' price target indicates a potential upside of 11.76% from the stock's previous close.

Several other research analysts also recently weighed in on the stock. Evercore ISI upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price objective on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Stephens raised their target price on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Finally, Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Friday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and an average price target of $18.38.

First Horizon Stock Up 0.4 %

Shares of FHN traded up $0.08 during midday trading on Friday, reaching $19.69. 7,643,729 shares of the company were exchanged, compared to its average volume of 6,628,967. First Horizon has a 1-year low of $10.96 and a 1-year high of $20.11. The stock has a 50-day moving average price of $16.44 and a 200-day moving average price of $15.91. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market cap of $10.55 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.27 and a beta of 0.86.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping 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 firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the company posted $0.27 EPS. Research analysts expect that First Horizon will post 1.48 earnings per share for the current year.

First Horizon declared that its board has approved a share repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. increased its position in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after buying an additional 1,325 shares during the period. Family Firm Inc. acquired a new stake in shares of First Horizon in the 2nd quarter worth about $28,000. Nemes Rush Group LLC increased its holdings in shares of 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 acquiring an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. bought a new stake in First Horizon in the 2nd quarter valued at about $31,000. Finally, Covestor Ltd boosted its stake in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 651 shares during the period. 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.