First Horizon (NYSE:FHN) Price Target Raised to $22.00 at Wells Fargo & Company

First Horizon (NYSE:FHN - Free Report) had its price objective increased by Wells Fargo & Company from $21.00 to $22.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider's stock.

FHN has been the topic of a number of other reports. Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Wedbush downgraded First Horizon from an "outperform" rating to a "neutral" rating and reduced their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $23.00 to $22.50 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research note on Thursday, October 17th. Finally, UBS Group initiated coverage on shares of First Horizon in a report on Tuesday, December 17th. They set a "buy" rating and a $25.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $22.04.

First Horizon Stock Performance

FHN traded up $0.23 on Friday, hitting $21.54. 5,159,421 shares of the company traded hands, compared to its average volume of 4,686,807. First Horizon has a 12-month low of $13.45 and a 12-month high of $21.72. The company has a 50 day moving average of $20.43 and a 200-day moving average of $17.68. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $11.42 billion, a PE ratio of 15.61, a PEG ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the company posted $0.32 EPS. Sell-side analysts anticipate that First Horizon will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.79%. The ex-dividend date was Friday, December 13th. First Horizon's payout ratio is 43.48%.

First Horizon announced that its Board of Directors has initiated a stock buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

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 completion of the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FHN. Citigroup Inc. raised its position in shares of First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock worth $14,724,000 after buying an additional 285,108 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock worth $13,482,000 after purchasing an additional 100,359 shares during the period. Allen Capital Group LLC lifted its stake in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after purchasing an additional 29,581 shares in the last quarter. Greenwood Capital Associates LLC grew its holdings in shares of First Horizon by 10.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock worth $7,229,000 after purchasing an additional 42,793 shares during the period. Finally, Entropy Technologies LP purchased a new stake in shares of First Horizon during the 3rd quarter worth about $2,669,000. 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.