First Horizon (NYSE:FHN) Price Target Cut to $22.00 by Analysts at Raymond James

First Horizon (NYSE:FHN) had its price target lowered by Raymond James from $23.00 to $22.00 in a report published on Wednesday,Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on FHN. UBS Group assumed coverage on First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Citigroup boosted their target price on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company lifted their price target on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

First Horizon Stock Up 2.6 %

First Horizon stock opened at $19.64 on Wednesday. The firm has a 50 day moving average price of $20.53 and a 200-day moving average price of $19.41. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon has a twelve month low of $13.72 and a twelve month high of $22.44. The company has a market capitalization of $10.10 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter last year, the business earned $0.32 earnings per share. As a group, equities analysts predict that First Horizon will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Friday, March 14th. First Horizon’s payout ratio is 44.12%.

Insider Transactions at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently modified their holdings of the company. Belpointe Asset Management LLC grew its position in First Horizon by 3.1% during the fourth quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 535 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of First Horizon by 3.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 571 shares during the last quarter. Farther Finance Advisors LLC raised its position in First Horizon by 29.9% in the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 591 shares during the period. Independent Advisor Alliance lifted its stake in First Horizon by 1.1% in the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider’s stock worth $1,163,000 after purchasing an additional 632 shares during the last quarter. Finally, Access Investment Management LLC boosted its position in First Horizon by 0.8% during the fourth quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider’s stock valued at $1,782,000 after buying an additional 675 shares during the period. 80.28% of the stock is currently owned by institutional investors.

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.