First Horizon (NYSE:FHN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

First Horizon (NYSE:FHN) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $22.50 to $23.50 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 9.08% from the stock’s previous close.

Several other research firms have also commented on FHN. Evercore ISI upped their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. UBS Group initiated coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Raymond James raised their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Wells Fargo & Company upped their price target on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Barclays lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Stock Performance

Shares of NYSE FHN opened at $21.54 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $11.42 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. The company has a 50-day simple moving average of $20.43 and a 200-day simple moving average of $17.69. First Horizon has a 12 month low of $13.45 and a 12 month high of $21.72.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the company posted $0.32 earnings per share. On average, equities analysts anticipate that First Horizon will post 1.5 earnings per share for the current year.

First Horizon declared that its Board of Directors has approved a share buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at First Horizon

In related 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 transaction of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 transaction of $199,200.00. Following the completion of the sale, the director now directly owns 166,840 shares of the company’s stock, 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. Company insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its stake in shares of First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after acquiring an additional 559 shares in the last quarter. Covestor Ltd boosted its holdings in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the last quarter. CreativeOne Wealth LLC boosted its holdings in First Horizon by 7.1% in the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 773 shares during the last quarter. GAMMA Investing LLC increased its holdings in First Horizon by 10.6% during the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 875 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.