Keefe, Bruyette & Woods Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN - Free Report) had its target price trimmed by Keefe, Bruyette & Woods from $24.00 to $22.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a market perform rating on the financial services provider's stock.

A number of other brokerages also recently commented on FHN. Robert W. Baird upgraded First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective on the stock in a research report on Monday, April 7th. Citigroup upped their price objective on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Raymond James dropped their target price on First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Barclays decreased their target price on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Bank of America upped their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.03.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.13 during trading on Thursday, reaching $16.73. The stock had a trading volume of 3,391,026 shares, compared to its average volume of 6,314,093. The business has a fifty day moving average price of $19.11 and a 200-day moving average price of $19.57. First Horizon has a 1-year low of $14.09 and a 1-year high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $8.60 billion, a PE ratio of 12.28, a PEG ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to analyst estimates of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. On average, equities analysts forecast that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.59%. The ex-dividend date was Friday, March 14th. First Horizon's payout ratio is currently 41.67%.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Stifel Financial Corp boosted its position in shares of First Horizon by 14.8% in the third quarter. Stifel Financial Corp now owns 85,461 shares of the financial services provider's stock worth $1,327,000 after buying an additional 10,988 shares during the period. Barclays PLC increased its stake in shares of First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider's stock worth $29,301,000 after buying an additional 1,185,772 shares during the last quarter. M&T Bank Corp raised its holdings in First Horizon by 4.7% in the third quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider's stock valued at $317,000 after acquiring an additional 912 shares in the last quarter. Virtu Financial LLC boosted its stake in First Horizon by 227.0% during the 3rd quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider's stock valued at $519,000 after acquiring an additional 23,203 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its holdings in First Horizon by 16.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider's stock worth $383,000 after acquiring an additional 3,540 shares in the last quarter. Institutional investors and hedge funds 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.