Wells Fargo & Company Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target lifted by Wells Fargo & Company from $18.00 to $21.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on FHN. Barclays lifted their target price on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. 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. Evercore ISI raised their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada raised their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $19.46.

First Horizon Stock Performance

Shares of FHN stock opened at $20.62 on Tuesday. First Horizon has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a market capitalization of $10.93 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.55 and a beta of 0.91. The company has a 50-day simple moving average of $17.95 and a 200 day simple moving average of $16.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted 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. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, sell-side analysts predict that First Horizon will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.91%. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

First Horizon announced that its board 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 often an indication that the company’s management believes its stock is undervalued.

Insider Activity at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was 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 of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

Institutional Trading of First Horizon

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the last quarter. Covestor Ltd increased its position in 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 acquiring an additional 651 shares during the period. Access Investment Management LLC raised its stake in shares of First Horizon by 0.8% during the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after acquiring an additional 715 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of First Horizon by 7.1% during the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 773 shares during the period. Finally, Simplicity Wealth LLC grew its stake in shares of First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 786 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

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.