First Horizon (NYSE:FHN) Price Target Raised to $20.00

First Horizon (NYSE:FHN) had its price target upped by Evercore ISI from $18.00 to $20.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

FHN has been the topic of a number of other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Jefferies Financial Group increased their price objective on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Stephens raised their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

First Horizon Price Performance

NYSE FHN opened at $17.20 on Wednesday. The company has a 50 day simple moving average of $16.21 and a 200-day simple moving average of $15.76. First Horizon has a 52-week low of $10.89 and a 52-week high of $17.93. The firm has a market capitalization of $9.21 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.32 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the prior year, the firm earned $0.27 EPS. Equities research analysts predict that First Horizon will post 1.48 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is presently 43.48%.

First Horizon declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On First Horizon

Institutional investors have recently bought and sold shares of the business. UMB Bank n.a. grew its position in First Horizon by 365.0% in 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 period. Fidelis Capital Partners LLC bought a new position in First Horizon during the 1st quarter valued at about $28,000. Family Firm Inc. acquired a new position in First Horizon in the second quarter valued at about $28,000. Nemes Rush Group LLC grew its stake in First Horizon by 306.2% during the second 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 last quarter. Finally, Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon during the second quarter worth approximately $31,000. Institutional investors and hedge funds 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.