Raymond James Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN) had its target price lifted by Raymond James from $19.00 to $22.00 in a research note published on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

Several other analysts have also recently weighed in on the stock. Stephens lifted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Royal Bank of Canada lifted their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Evercore ISI increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 price objective on shares of First Horizon in a report on Wednesday, July 17th. Finally, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.38.

First Horizon Stock Performance

Shares of NYSE FHN traded up $0.09 during trading hours on Friday, reaching $19.69. 7,645,749 shares of the stock were exchanged, compared to its average volume of 7,276,455. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.50 and a beta of 0.86. The stock’s fifty day simple moving average is $16.44 and its 200 day simple moving average is $15.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. First Horizon has a 52 week low of $10.96 and a 52 week high of $20.11.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same period in the prior year, the firm posted $0.27 EPS. Sell-side 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 stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was 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 directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. raised its stake in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new position in First Horizon during the 2nd quarter worth $28,000. Nemes Rush Group LLC lifted its holdings in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. acquired a new position in First Horizon during the 2nd quarter worth about $31,000. Finally, Covestor Ltd grew its position in shares of First Horizon by 44.0% in the 3rd 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 last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.