First Horizon (NYSE:FHN) Price Target Raised to $23.00

First Horizon (NYSE:FHN - Free Report) had its price objective upped by Barclays from $21.00 to $23.00 in a research report released on Friday,Benzinga reports. Barclays currently has an overweight rating on the financial services provider's stock.

Other equities analysts have also recently issued research reports about the company. Wedbush cut First Horizon from an "outperform" rating to a "neutral" rating and lowered their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Raymond James lowered shares of First Horizon from a "strong-buy" rating to an "outperform" rating and set a $18.00 price objective on the stock. in a research report on Thursday, July 18th. Stephens raised their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $18.00 price objective on shares of First Horizon in a report on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, First Horizon currently has a consensus rating of "Moderate Buy" and an average price target of $18.38.

First Horizon Trading Up 0.4 %

FHN traded up $0.08 during mid-day trading on Friday, hitting $19.69. The stock had a trading volume of 7,643,729 shares, compared to its average volume of 6,628,967. The stock's fifty day simple moving average is $16.44 and its 200-day simple moving average is $15.91. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.27 and a beta of 0.86. First Horizon has a 1-year low of $10.96 and a 1-year high of $20.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last issued 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. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the business posted $0.27 EPS. As a group, research analysts forecast that First Horizon will post 1.48 EPS for the current fiscal year.

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

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.05%. First Horizon's payout ratio is 43.48%.

Insider Buying and Selling

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction 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 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.87% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

Hedge funds have recently made changes to their positions in the company. UMB Bank n.a. raised its holdings in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock valued at $26,000 after buying an additional 1,325 shares during the last quarter. Family Firm Inc. acquired a new position in shares of First Horizon during the second quarter worth $28,000. Nemes Rush Group LLC grew its stake in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock worth $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in First Horizon in the second quarter valued at $31,000. Finally, Covestor Ltd raised its position in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

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.