First Horizon (NYSE:FHN) Shares Gap Up to $14.98

First Horizon Co. (NYSE:FHN) shares gapped up prior to trading on Monday . The stock had previously closed at $14.98, but opened at $15.42. First Horizon shares last traded at $15.41, with a volume of 1,039,865 shares traded.

Analysts Set New Price Targets

A number of research firms recently weighed in on FHN. Evercore ISI dropped their price target on First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price target on shares of First Horizon in a research report on Tuesday, August 6th. Barclays upped their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Stephens initiated coverage on First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target for the company. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.31.

First Horizon Price Performance

The business has a fifty day simple moving average of $15.56 and a 200 day simple moving average of $15.09. The stock has a market capitalization of $8.24 billion, a P/E ratio of 10.48, a price-to-earnings-growth ratio of 3.23 and a beta of 0.89. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same quarter last year, the business posted $0.39 earnings per share. On average, analysts expect that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. grew its position in First Horizon by 30.2% during the fourth quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock worth $3,948,000 after buying an additional 64,749 shares in the last quarter. Crestline Management LP increased its position in shares of First Horizon by 100.8% in the fourth quarter. Crestline Management LP now owns 400,000 shares of the financial services provider’s stock worth $5,664,000 after purchasing an additional 200,846 shares during the last quarter. Lecap Asset Management Ltd. purchased a new stake in First Horizon in the fourth quarter valued at approximately $1,019,000. Sei Investments Co. lifted its position in First Horizon by 57.6% during the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after purchasing an additional 155,982 shares during the last quarter. Finally, LSV Asset Management grew its stake in First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after buying an additional 4,434,929 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

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.