First Horizon (NYSE:FHN) Price Target Raised to $26.00

First Horizon (NYSE:FHN) had its price objective raised by Truist Financial from $24.00 to $26.00 in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. They currently have a hold rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the stock. TD Cowen initiated coverage on shares of First Horizon in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 price objective on the stock. National Bankshares set a $28.00 price target on First Horizon in a research report on Tuesday. Barclays lifted their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. Royal Bank Of Canada lifted their price target on First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Horizon in a research note on Tuesday. They issued a “buy” rating and a $28.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $25.29.

First Horizon Trading Up 1.5%

Shares of NYSE FHN opened at $24.41 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 12 month low of $15.19 and a 12 month high of $24.44. The company has a market cap of $12.02 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 0.95 and a beta of 0.62. The business has a fifty day simple moving average of $21.94 and a 200-day simple moving average of $21.87.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The firm had revenue of $893.00 million for the quarter, compared to the consensus estimate of $848.08 million. During the same quarter in the previous year, the company earned $0.42 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. Sell-side analysts predict that First Horizon will post 1.67 EPS for the current year.

First Horizon declared that its Board of Directors has approved a share buyback plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio (DPR) is currently 36.36%.

Insider Activity at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the sale, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the sale, the executive vice president owned 307,432 shares in the company, valued at $6,551,375.92. This represents a 33.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Several large investors have recently modified their holdings of FHN. Navigoe LLC bought a new position in shares of First Horizon during the 3rd quarter worth approximately $25,000. Atlantic Union Bankshares Corp acquired a new stake in shares of First Horizon in the 3rd quarter valued at $25,000. Root Financial Partners LLC bought a new stake in shares of First Horizon in the 3rd quarter worth about $31,000. Kestra Investment Management LLC increased its position in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.