Stephens Reaffirms "Overweight" Rating for First Horizon (NYSE:FHN)

Stephens reaffirmed their overweight rating on shares of First Horizon (NYSE:FHN - Free Report) in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a $24.00 target price on the financial services provider's stock.

FHN has been the subject of several other reports. Royal Bank of Canada increased their price objective on First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. Evercore ISI lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods upped their price target on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a report on Thursday, December 19th. Finally, UBS Group started coverage on First Horizon in a research report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.04.

First Horizon Stock Up 1.1 %

Shares of FHN stock traded up $0.23 during trading hours on Friday, reaching $21.54. 5,159,421 shares of the stock were exchanged, compared to its average volume of 4,686,807. The business's fifty day moving average is $20.43 and its two-hundred day moving average is $17.68. 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 firm has a market capitalization of $11.42 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 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 last year, the company earned $0.32 EPS. As a group, research analysts expect that First Horizon will post 1.5 EPS for the current fiscal year.

First Horizon declared that its board has authorized a share buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid 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 yield of 2.79%. First Horizon's dividend payout ratio is currently 43.48%.

Insider Activity at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 166,840 shares of the company's stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the firm's stock in a transaction dated 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 $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FHN. Citigroup Inc. grew its holdings in First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock valued at $14,724,000 after buying an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in 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 valued at $13,482,000 after buying an additional 100,359 shares in the last quarter. Allen Capital Group LLC raised its position in 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 during the last quarter. Greenwood Capital Associates LLC raised its position in shares of First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock worth $7,229,000 after acquiring an additional 42,793 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in shares of First Horizon during the third quarter worth $2,669,000. 80.28% of the stock is owned by institutional investors.

About First Horizon

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.