First Horizon Corporation (NYSE:FHN) Receives $24.47 Average Target Price from Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have been assigned a consensus recommendation of “Moderate Buy” from the twenty brokerages that are presently covering the firm, Marketbeat.com reports. Ten analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $24.4706.

FHN has been the topic of a number of research analyst reports. TD Cowen initiated coverage on shares of First Horizon in a report on Thursday, September 25th. They issued a “hold” rating and a $25.00 price target on the stock. Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Wells Fargo & Company reduced their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Bank of America lifted their price target on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Finally, DA Davidson reiterated a “neutral” rating and issued a $24.00 price objective on shares of First Horizon in a report on Thursday, October 16th.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. lifted its stake in First Horizon by 2.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock worth $1,496,000 after purchasing an additional 1,481 shares during the last quarter. Cerity Partners LLC grew its stake in shares of First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock valued at $2,458,000 after buying an additional 22,852 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of First Horizon by 13.3% in the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock worth $1,341,000 after buying an additional 8,110 shares during the period. Cary Street Partners Financial LLC lifted its stake in shares of First Horizon by 713.3% in the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock valued at $2,933,000 after acquiring an additional 132,481 shares during the last quarter. Finally, Baird Financial Group Inc. purchased a new stake in First Horizon during the 1st quarter valued at about $7,506,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $20.88 on Friday. The stock has a market cap of $10.60 billion, a P/E ratio of 12.65, a PEG ratio of 0.84 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $22.27 and its two-hundred day moving average price is $20.92. First Horizon has a twelve month low of $15.19 and a twelve month high of $23.70.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. The company had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. First Horizon’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 earnings per share. As a group, equities analysts predict that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio (DPR) is presently 36.36%.

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.