First Horizon (NYSE:FHN) Price Target Lowered to $26.00 at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $28.00 to $26.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 13.08% from the stock’s current price.

A number of other research firms also recently issued reports on FHN. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Horizon in a research report on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price for the company. DA Davidson boosted their price objective on shares of First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, January 16th. Stephens increased their price objective on shares of First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Finally, National Bank Financial set a $27.00 target price on shares of First Horizon in a report on Friday, January 16th. Nine analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $26.71.

First Horizon Trading Up 1.0%

Shares of FHN traded up $0.23 during trading hours on Wednesday, hitting $22.99. The stock had a trading volume of 2,499,253 shares, compared to its average volume of 6,308,227. First Horizon has a 12-month low of $15.19 and a 12-month high of $26.56. The firm has a market cap of $10.98 billion, a P/E ratio of 12.23, a P/E/G ratio of 0.83 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company’s fifty day simple moving average is $23.82 and its 200 day simple moving average is $23.08.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.46 by $0.06. The company had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the prior year, the firm posted $0.43 earnings per share. Equities research analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

A number of large investors have recently added to or reduced their stakes in the company. Nalls Sherbakoff Group LLC acquired a new stake in First Horizon in the fourth quarter valued at $359,000. Corient Private Wealth LLC grew its holdings in First Horizon by 4.5% during the 4th quarter. Corient Private Wealth LLC now owns 126,862 shares of the financial services provider’s stock worth $3,032,000 after acquiring an additional 5,511 shares in the last quarter. TMB Capital Partners LLC bought a new stake in shares of First Horizon in the 4th quarter worth about $553,000. Invesco Ltd. raised 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 valued at $192,007,000 after purchasing an additional 426,951 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in First Horizon by 72.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 83,680 shares of the financial services provider’s stock worth $2,000,000 after purchasing an additional 35,208 shares in 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.