First Horizon (NYSE:FHN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

First Horizon (NYSE:FHN - Free Report) had its price objective boosted by JPMorgan Chase & Co. from $22.50 to $23.50 in a report issued on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider's stock.

Several other brokerages have also recently weighed in on FHN. Stephens increased their price target 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. Barclays boosted their price target on First Horizon from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, December 20th. UBS Group began coverage on First Horizon in a research report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 price objective on the stock. Royal Bank of Canada upped their target price on First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a research report on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.04.

First Horizon Price Performance

NYSE FHN traded up $0.23 on Friday, reaching $21.54. 5,159,421 shares of the company's stock traded hands, compared to its average volume of 4,686,807. The stock has a market cap of $11.42 billion, a PE ratio of 15.61, a P/E/G ratio of 1.36 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 $13.45 and a 12 month high of $21.72. The stock has a 50-day simple moving average of $20.43 and a 200 day simple moving average of $17.68.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts' consensus estimates 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 firm posted $0.32 EPS. As a group, research analysts predict that First Horizon will post 1.5 earnings per share for the current year.

First Horizon announced that its board has authorized a stock repurchase program 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 reacquire up to 10.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

First Horizon Announces Dividend

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

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc grew its stake in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock worth $29,000 after acquiring an additional 884 shares during the period. UMB Bank n.a. grew its position 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 worth $26,000 after purchasing an additional 1,325 shares during the period. Nemes Rush Group LLC grew its holdings 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 acquiring an additional 1,378 shares during the period. Covestor Ltd grew its stake in shares of 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 purchased a new stake in First Horizon during the third quarter valued at approximately $36,000. Institutional investors 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.