JPMorgan Chase & Co. Issues Pessimistic Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price objective dropped by research analysts at JPMorgan Chase & Co. from $23.00 to $22.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.96% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Stephens increased their price objective 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. Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Royal Bank of Canada upped their price target on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company raised their price objective on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.35.

First Horizon Stock Performance

Shares of First Horizon stock opened at $20.65 on Tuesday. The company has a market cap of $10.95 billion, a P/E ratio of 14.96, a PEG ratio of 1.51 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $20.07 and a two-hundred day moving average price of $17.42. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion during 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 period in the previous year, the company posted $0.27 earnings per share. As a group, analysts anticipate that First Horizon will post 1.49 EPS for the current year.

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

Insider Buying and Selling

In other news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction 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 $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 that occurred 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 completion of the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Everence Capital Management Inc. bought a new stake in First Horizon in the 4th quarter valued at about $286,000. GAMMA Investing LLC increased its stake in shares of First Horizon by 10.6% in the fourth quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 875 shares in the last quarter. Versant Capital Management Inc raised its position in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares during the period. Franklin Resources Inc. lifted its stake in shares of First Horizon by 552.9% during the 3rd quarter. Franklin Resources Inc. now owns 273,693 shares of the financial services provider’s stock valued at $4,502,000 after buying an additional 231,773 shares in the last quarter. Finally, Tidal Investments LLC boosted its holdings in First Horizon by 5.9% in the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock worth $1,035,000 after buying an additional 3,722 shares during the period. 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.