JPMorgan Chase & Co. Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its target price cut by stock analysts at JPMorgan Chase & Co. from $23.00 to $22.50 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 9.65% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Stephens upped their target price 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. Raymond James lifted their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. The Goldman Sachs Group upped their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Evercore ISI raised their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada increased their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $21.35.

First Horizon Trading Up 0.3 %

Shares of First Horizon stock traded up $0.06 during trading hours on Tuesday, reaching $20.52. 2,954,652 shares of the company’s stock were exchanged, compared to its average volume of 3,858,328. First Horizon has a 52-week low of $12.95 and a 52-week high of $21.72. The company has a fifty day moving average of $19.94 and a 200-day moving average of $17.35. The firm has a market capitalization of $10.88 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth 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.

First Horizon (NYSE:FHN) last released its quarterly 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 firm had revenue of $1.32 billion during 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 quarter in the prior year, the business earned $0.27 EPS. Sell-side analysts forecast that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon declared that its board has approved a stock repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were 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 owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon 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 completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after buying an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. purchased a new position in First Horizon in the 2nd quarter worth $66,779,000. State Street Corp raised its position in First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after buying an additional 3,470,346 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of First Horizon during the 3rd quarter worth approximately $39,242,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Company Profile

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.