Equities research analysts at Stephens initiated coverage on shares of First Horizon (NYSE:FHN – Get Free Report) in a research note issued to investors on Thursday, StockNewsAPI reports. The brokerage set an “overweight” rating and a $19.00 price target on the financial services provider’s stock. Stephens’ target price indicates a potential upside of 18.97% from the company’s current price.
Other analysts have also recently issued reports about the stock. Evercore ISI upped their target price on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday, March 28th. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Wells Fargo & Company increased their price objective on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Wedbush reissued an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. Finally, UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.36.
Get Our Latest Stock Report on First Horizon
First Horizon Stock Down 1.7 %
First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period in the previous year, the company earned $0.46 earnings per share. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. Equities research analysts forecast that First Horizon will post 1.5 earnings per share for the current year.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new position in First Horizon during the 1st quarter valued at about $25,000. Raleigh Capital Management Inc. purchased a new position in First Horizon during the 4th quarter valued at about $28,000. Fidelis Capital Partners LLC purchased a new position in First Horizon during the 1st quarter valued at about $28,000. Fortitude Family Office LLC increased its position in First Horizon by 129.3% during the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,102 shares during the period. Finally, Richardson Financial Services Inc. purchased a new position in First Horizon during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.
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.
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