First Horizon Corporation (NYSE:FHN) Receives $26.66 Average Price Target from Analysts

Shares of First Horizon Corporation (NYSE:FHN) have been assigned a consensus recommendation of “Moderate Buy” from the twenty research firms that are currently covering the company, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $26.6579.

A number of brokerages recently weighed in on FHN. Stephens lifted their price objective on shares of First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Truist Financial set a $27.00 price target on shares of First Horizon in a research report on Friday, January 9th. Raymond James Financial upped their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Finally, National Bank Financial set a $27.00 price objective on shares of First Horizon in a research note on Friday, January 16th.

First Horizon Stock Performance

FHN opened at $23.74 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $24.59 and its 200-day moving average is $23.05. The stock has a market cap of $11.69 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 0.90 and a beta of 0.63. First Horizon has a twelve month low of $15.19 and a twelve month high of $26.56.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $863.87 million. During the same period last year, the firm earned $0.43 EPS. On average, analysts predict that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. First Horizon’s payout ratio is 31.91%.

Insider Activity at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. LSV Asset Management lifted its holdings in First Horizon by 5.0% in the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock valued at $285,319,000 after acquiring an additional 646,060 shares during the last quarter. Invesco Ltd. grew its stake in shares of First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after purchasing an additional 426,951 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of First Horizon by 45.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after purchasing an additional 2,091,865 shares in the last quarter. Norges Bank acquired a new stake in First Horizon during the fourth quarter valued at approximately $153,942,000. Finally, William Blair Investment Management LLC lifted its stake in First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after purchasing an additional 116,191 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.