First Horizon (NYSE:FHN) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

First Horizon (NYSE:FHN) had its price target hoisted by analysts at The Goldman Sachs Group from $18.50 to $23.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 7.33% from the company’s previous close.

A number of other brokerages have also commented on FHN. Royal Bank of Canada upped their price target on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Raymond James upped their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Stephens raised their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Finally, Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.71.

First Horizon Stock Performance

Shares of FHN opened at $21.43 on Tuesday. The company has a market capitalization of $11.36 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a one year low of $11.87 and a one year high of $21.72. The company’s fifty day moving average price is $17.43 and its 200 day moving average price is $16.31.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping 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 business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the company posted $0.27 earnings per share. As a group, analysts expect that First Horizon will post 1.49 earnings per share for the current year.

First Horizon announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on 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 $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in First Horizon by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 309,493 shares of the financial services provider’s stock valued at $4,767,000 after buying an additional 17,329 shares during the last quarter. Bayesian Capital Management LP bought a new position in First Horizon in the first quarter valued at about $505,000. Tidal Investments LLC acquired a new stake in First Horizon in the first quarter worth about $207,000. Algebris UK Ltd bought a new stake in First Horizon during the 1st quarter worth about $5,749,000. Finally, Cetera Advisors LLC lifted its position in First Horizon by 54.6% during the 1st quarter. Cetera Advisors LLC now owns 28,590 shares of the financial services provider’s stock valued at $440,000 after purchasing an additional 10,103 shares during the period. 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.