Royal Bank of Canada Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price objective boosted by Royal Bank of Canada from $22.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 10.79% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group increased their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company increased their target price on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. dropped their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.69.

First Horizon Stock Up 2.9 %

NYSE:FHN traded up $0.59 during trading hours on Wednesday, hitting $20.76. The stock had a trading volume of 2,065,914 shares, compared to its average volume of 6,539,970. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72. The business has a 50 day simple moving average of $18.57 and a two-hundred day simple moving average of $16.68. The company has a market cap of $11.01 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the business posted $0.27 EPS. Analysts predict that First Horizon will post 1.49 EPS for the current year.

First Horizon declared that its board has authorized a share buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. increased its position in First Horizon by 552.9% in the 3rd quarter. Franklin Resources Inc. now owns 273,693 shares of the financial services provider’s stock worth $4,502,000 after buying an additional 231,773 shares during the period. Tidal Investments LLC boosted its stake in First Horizon by 5.9% in the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock valued at $1,035,000 after buying an additional 3,722 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in First Horizon in the 3rd quarter valued at $127,000. Sanctuary Advisors LLC boosted its stake in First Horizon by 16.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock valued at $383,000 after buying an additional 3,540 shares in the last quarter. Finally, Virtu Financial LLC boosted its stake in First Horizon by 227.0% in the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 23,203 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

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.