Barclays Increases First Horizon (NYSE:FHN) Price Target to $25.00

First Horizon (NYSE:FHN) had its target price raised by research analysts at Barclays from $23.00 to $25.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price would indicate a potential upside of 25.38% from the company’s current price.

A number of other research analysts have also commented on the stock. Royal Bank of Canada boosted their price target on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods raised their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday. Evercore ISI upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

First Horizon Stock Performance

NYSE:FHN opened at $19.94 on Friday. The business’s fifty day moving average is $19.27 and its 200 day moving average is $16.91. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a 52-week low of $12.95 and a 52-week high of $21.72.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the prior year, the firm posted $0.27 earnings per share. Research analysts predict that First Horizon will post 1.49 EPS for the current year.

First Horizon declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently modified their holdings of the company. Citigroup Inc. grew its stake in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC grew its position in shares of First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after buying an additional 100,359 shares during the last quarter. Allen Capital Group LLC grew its position in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after buying an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC increased its stake in shares of First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after buying an additional 42,793 shares during the period. Finally, Entropy Technologies LP bought a new position in shares of First Horizon during the third quarter valued at approximately $2,669,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.