TD Cowen Raises First Horizon (NYSE:FHN) Price Target to $26.00

First Horizon (NYSE:FHN) had its price target upped by stock analysts at TD Cowen from $24.00 to $26.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. TD Cowen’s target price indicates a potential upside of 5.98% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. Robert W. Baird reissued a “neutral” rating and set a $25.00 target price on shares of First Horizon in a research report on Thursday, December 11th. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Baird R W cut First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, National Bankshares set a $28.00 price objective on First Horizon in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.89.

First Horizon Stock Down 0.6%

Shares of First Horizon stock traded down $0.14 during trading hours on Wednesday, reaching $24.53. The company’s stock had a trading volume of 1,642,161 shares, compared to its average volume of 4,681,817. The company has a market capitalization of $12.08 billion, a P/E ratio of 14.88, a P/E/G ratio of 0.88 and a beta of 0.61. The stock’s fifty day simple moving average is $22.73 and its two-hundred day simple moving average is $22.26. First Horizon has a one year low of $15.19 and a one year high of $24.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon declared that its board has approved a stock buyback program on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the sale, the executive vice president directly owned 307,432 shares in the company, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s 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 completion of the transaction, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in First Horizon during the second quarter valued at about $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after acquiring an additional 4,392,405 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of First Horizon in the 2nd quarter valued at about $79,776,000. Azora Capital LP grew its position in First Horizon by 1,020.5% during the 2nd quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after acquiring an additional 2,377,300 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in First Horizon during the 3rd quarter worth approximately $49,180,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Company Profile

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.