Evercore ISI Raises First Horizon (NYSE:FHN) Price Target to $20.00

First Horizon (NYSE:FHN - Free Report) had its price target boosted by Evercore ISI from $18.00 to $20.00 in a report issued on Wednesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the financial services provider's stock.

A number of other equities research analysts also recently weighed in on the company. StockNews.com raised First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, July 20th. Jefferies Financial Group lifted their price objective on First Horizon from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Wednesday, July 3rd. Raymond James lowered First Horizon from a "strong-buy" rating to an "outperform" rating and set a $18.00 target price for the company. in a research note on Thursday, July 18th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research note on Thursday, October 17th. Finally, Stephens increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, October 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, the stock has an average rating of "Moderate Buy" and an average price target of $17.92.

First Horizon Stock Performance

First Horizon stock traded up $0.27 on Wednesday, reaching $17.56. 4,879,524 shares of the stock were exchanged, compared to its average volume of 6,567,036. The stock has a market cap of $9.60 billion, a PE ratio of 12.28, a PEG ratio of 1.30 and a beta of 0.88. The firm has a fifty day moving average price of $16.16 and a two-hundred day moving average price of $15.73. First Horizon has a twelve month low of $10.55 and a twelve month high of $17.93. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion during 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 in the prior year, the company earned $0.27 EPS. Sell-side analysts anticipate that First Horizon will post 1.48 EPS for the current year.

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

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.42%. First Horizon's payout ratio is 41.96%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Access Investment Management LLC raised its holdings in First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider's stock worth $1,382,000 after purchasing an additional 715 shares during the last quarter. First Trust Direct Indexing L.P. boosted its stake in First Horizon by 6.5% in the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider's stock valued at $194,000 after acquiring an additional 765 shares during the last quarter. Simplicity Wealth LLC grew its holdings in First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider's stock worth $462,000 after acquiring an additional 786 shares during the period. KMG Fiduciary Partners LLC raised its position in shares of First Horizon by 0.6% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider's stock valued at $2,333,000 after acquiring an additional 952 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of First Horizon by 7.5% in the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider's stock valued at $249,000 after purchasing an additional 1,094 shares during the period. 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.