JPMorgan Chase & Co. Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN - Get Free Report) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $23.00 to $22.50 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 9.81% from the company's previous close.

A number of other equities research analysts have also recently commented on FHN. Raymond James upped their price objective on First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Wells Fargo & Company increased their target price on shares of First Horizon from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Barclays lifted their price target on First Horizon from $23.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, December 20th. The Goldman Sachs Group increased their target price on First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Finally, Wedbush lowered shares of First Horizon from an "outperform" rating to a "neutral" rating and lowered their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $21.35.

First Horizon Price Performance

Shares of FHN stock traded up $0.03 on Tuesday, hitting $20.49. 5,763,427 shares of the company's stock were exchanged, compared to its average volume of 4,589,832. The company has a 50 day moving average of $19.94 and a 200 day moving average of $17.35. The stock has a market cap of $10.86 billion, a P/E ratio of 14.85, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a 12 month low of $12.95 and a 12 month high of $21.72.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data 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 net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter last year, the firm posted $0.27 EPS. On average, equities research analysts predict that First Horizon will post 1.49 EPS for the current year.

First Horizon announced that its board has authorized a stock buyback plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction on Thursday, November 7th. The stock was 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. The trade was a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On First Horizon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its stake in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock valued at $29,000 after buying an additional 884 shares during the last quarter. UMB Bank n.a. lifted its holdings in 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 purchasing an additional 1,325 shares in the last quarter. Nemes Rush Group LLC boosted 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. Covestor Ltd raised 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. Finally, True Wealth Design LLC bought a new stake in shares of First Horizon during the third quarter valued at approximately $36,000. 80.28% of the stock is owned by institutional investors.

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.