First Horizon Corporation (NYSE:FHN) Stock Has Average Price Target of $27.07 According to Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have earned an average recommendation of “Hold” from the twenty-two ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $26.98.

A number of research firms have recently issued reports on FHN. National Bank Financial set a $30.00 price target on shares of First Horizon in a research note on Tuesday, September 8th. Weiss Ratings restated a “buy (b)” rating on shares of First Horizon in a report on Friday, September 4th. Truist Financial lowered their price objective on shares of First Horizon from $27.00 to $25.00 and set a “hold” rating for the company in a research report on Friday. Morgan Stanley initiated coverage on shares of First Horizon in a research report on Tuesday, September 8th. They set an “equal weight” rating and a $30.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th.

Insider Activity at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Several institutional investors and hedge funds have recently modified their holdings of FHN. Bank of America Corp DE acquired a new position in shares of First Horizon in the second quarter valued at approximately $96,739,000. Renaissance Technologies LLC increased its stake in First Horizon by 158.0% during the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock worth $12,295,000 after buying an additional 330,800 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in First Horizon during the 2nd quarter worth approximately $1,616,000. Deutsche Bank AG acquired a new stake in First Horizon during the 2nd quarter worth approximately $1,175,000. Finally, Vise Technologies Inc. acquired a new stake in First Horizon during the 2nd quarter worth approximately $3,327,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.0%

Shares of FHN opened at $23.07 on Friday. The firm has a market cap of $10.93 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 0.99 and a beta of 0.61. First Horizon has a 12-month low of $19.80 and a 12-month high of $26.56. The company’s 50-day moving average price is $24.44 and its 200 day moving average price is $24.51. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating 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 net margin of 21.12% and a return on equity of 12.06%. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, sell-side analysts forecast that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.