First Horizon (NYSE:FHN) Stock Price Expected to Rise, Evercore ISI Analyst Says

First Horizon (NYSE:FHN) had its price objective hoisted by Evercore ISI from $18.00 to $20.00 in a report issued on Wednesday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other research analysts have also issued reports on the stock. Stephens raised their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $17.92.

First Horizon Price Performance

Shares of FHN stock opened at $17.20 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $9.21 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.32 and a beta of 0.88. The firm’s 50 day moving average is $16.21 and its 200-day moving average is $15.76. First Horizon has a 1 year low of $10.89 and a 1 year high of $17.93.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the firm earned $0.27 EPS. Sell-side analysts forecast that First Horizon will post 1.48 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.49%. First Horizon’s dividend payout ratio is 43.48%.

First Horizon declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Covestor Ltd raised its stake in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the period. Access Investment Management LLC lifted its holdings in First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after purchasing an additional 715 shares during the last quarter. First Trust Direct Indexing L.P. boosted its position in shares of First Horizon by 6.5% in the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 765 shares during the period. Simplicity Wealth LLC boosted its holdings in First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after purchasing an additional 786 shares during the period. Finally, KMG Fiduciary Partners LLC boosted its stake in shares of First Horizon by 0.6% in the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock valued at $2,333,000 after buying an additional 952 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.