JPMorgan Chase & Co. Issues Pessimistic Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $28.50 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 6.97% from the stock’s previous close.

FHN has been the topic of a number of other research reports. DA Davidson reissued a “neutral” rating and issued a $26.00 price objective on shares of First Horizon in a report on Thursday, April 16th. Barclays decreased their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Wells Fargo & Company raised their price objective on First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. National Bank Financial set a $29.00 target price on shares of First Horizon in a report on Thursday. Finally, UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $27.15.

First Horizon Stock Up 1.2%

Shares of NYSE:FHN traded up $0.30 during trading on Thursday, reaching $25.24. 7,733,898 shares of the stock traded hands, compared to its average volume of 5,423,501. The stock has a market cap of $11.98 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a 50-day moving average of $24.72 and a two-hundred day moving average of $24.25. First Horizon has a 52-week low of $19.80 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $890.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same period in the prior year, the company posted $0.45 earnings per share. As a group, sell-side analysts expect that First Horizon will post 2.15 earnings per share for the current fiscal year.

Institutional Trading of First Horizon

A number of institutional investors have recently modified their holdings of FHN. Kestra Investment Management LLC lifted its holdings in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. Basecamp Wealth Advisors LLC increased its holdings in shares of First Horizon by 56.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 746 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its position in shares of First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,874 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of First Horizon in the fourth quarter worth $51,000. 80.28% of the stock is currently owned by institutional investors.

Key Headlines Impacting First Horizon

Here are the key news stories impacting First Horizon this week:

• Positive Sentiment: First Horizon beat Q2 estimates, with earnings and revenue both topping forecasts, helped by higher net interest income, fee income, and loan growth.
• Positive Sentiment: The company reported stronger year-over-year profitability, including net income available to common shareholders of $260 million and EPS up from last year.
• Positive Sentiment: Management and recent commentary pointed to improving earnings momentum and solid loan growth, which may support investor confidence. Article Title
• Neutral Sentiment: Despite the strong quarter, some reports noted rising expenses and weaker capital ratios, which could limit near-term upside and temper the market’s enthusiasm. Article Title
• Neutral Sentiment: One analyst note said funding-cost and deposit-mix concerns may keep upside limited even after the earnings beat. Article Title

First Horizon Company Profile

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.