First Horizon (NYSE:FHN) Price Target Raised to $24.00 at Keefe, Bruyette & Woods

First Horizon (NYSE:FHN) had its price target raised by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

FHN has been the subject of several other research reports. Barclays boosted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. reduced their price target 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. The Goldman Sachs Group raised their price objective on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Finally, Royal Bank of Canada increased their price target on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.85.

First Horizon Stock Performance

Shares of FHN stock opened at $19.27 on Thursday. The company’s 50 day moving average is $19.20 and its 200 day moving average is $16.88. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a market cap of $10.22 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 1.54 and a beta of 0.91. First Horizon has a 52-week low of $12.95 and a 52-week high of $21.72.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, sell-side analysts anticipate that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.11%. First Horizon’s dividend payout ratio is currently 43.48%.

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

Insider Activity

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

A number of large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its stake in shares of First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in First Horizon by 13.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after buying an additional 100,359 shares in the last quarter. Allen Capital Group LLC raised its holdings in shares of First Horizon by 128.4% during the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after acquiring an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC increased its position in shares of First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after purchasing an additional 42,793 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in First Horizon in the 3rd quarter valued at $2,669,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Company Profile

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.