First Horizon Corporation (NYSE:FHN) Receives $27.26 Average Price Target from Analysts

Shares of First Horizon Corporation (NYSE:FHN) have been assigned an average recommendation of “Hold” from the twenty research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $27.2632.

FHN has been the subject of a number of research analyst reports. UBS Group restated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. National Bank Financial set a $29.00 target price on shares of First Horizon in a research note on Thursday, July 16th. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th.

Insider Activity

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in shares of First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after buying an additional 3,835 shares during the period. Federated Hermes Inc. grew its stake in First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after buying an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after buying an additional 26,323 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Down 0.4%

Shares of NYSE:FHN opened at $24.54 on Thursday. The company has a market capitalization of $11.62 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The business has a fifty day moving average price of $25.48 and a two-hundred day moving average price of $24.49. First Horizon has a 1 year low of $19.80 and a 1 year high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the previous year, the business posted $0.45 EPS. Analysts forecast that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

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.