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

First Horizon (NYSE:FHN) had its target price raised by equities research analysts at Barclays from $21.00 to $23.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 16.81% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Evercore ISI raised their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Finally, StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $19.69 on Friday. The firm has a fifty day simple moving average of $16.44 and a two-hundred day simple moving average of $15.92. First Horizon has a 52 week low of $10.96 and a 52 week high of $20.11. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.55 billion, a P/E ratio of 14.27, a PEG ratio of 1.50 and a beta of 0.86.

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

First Horizon announced that its board has approved a stock repurchase program 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 purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of First Horizon by 24.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock valued at $514,000 after buying an additional 6,500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in First Horizon by 48.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,595 shares of the financial services provider’s stock worth $1,796,000 after buying an additional 38,295 shares in the last quarter. Daiwa Securities Group Inc. raised its position in First Horizon by 713.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 29,300 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 25,700 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in First Horizon in the first quarter worth approximately $106,000. Finally, Sei Investments Co. grew its holdings in First Horizon by 57.6% during the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after acquiring an additional 155,982 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.