First Horizon (NYSE:FHN) Stock Price Target Raised at Truist Financial

First Horizon (NYSE:FHN) had its target price lifted by analysts at Truist Financial from $25.00 to $26.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 13.55% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. UBS Group reiterated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Evercore restated a “hold” rating and set a $25.00 target price on shares of First Horizon in a research note on Thursday, October 1st. Morgan Stanley set a $31.00 price target on shares of First Horizon in a report on Friday. Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of First Horizon from $27.00 to $26.00 and set a “neutral” rating for the company in a report on Friday. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $27.07.

First Horizon Trading Up 0.1%

NYSE:FHN opened at $22.90 on Monday. The stock has a market cap of $10.85 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 0.99 and a beta of 0.61. First Horizon has a 52 week low of $20.00 and a 52 week high of $26.56. The company has a quick ratio of 0.91, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average price is $24.15 and its 200-day moving average price is $24.53.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, October 15th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. The business had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.18 million. During the same period last year, the business posted $0.51 EPS. On average, equities research analysts forecast that First Horizon will post 2.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.91% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of First Horizon in the second quarter worth approximately $1,505,239,000. Bank of New York Mellon Corp purchased a new stake in First Horizon during the second quarter valued at approximately $747,445,000. North Reef Capital Management LP increased its holdings in First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after buying an additional 2,936,368 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in First Horizon during the second quarter valued at approximately $123,283,000. Finally, Bank of America Corp DE bought a new position in First Horizon in the second quarter worth approximately $96,739,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.