Barclays Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN) had its price target upped by Barclays from $21.00 to $23.00 in a research note published on Friday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on FHN. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Robert W. Baird set a $17.00 price target on First Horizon in a report on Thursday, October 17th. Raymond James lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a research note on Thursday, July 18th. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Six investment 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, First Horizon has an average rating of “Moderate Buy” and an average target price of $18.38.

First Horizon Trading Up 1.7 %

Shares of NYSE FHN opened at $20.03 on Friday. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market cap of $10.73 billion, a PE ratio of 14.51, a P/E/G ratio of 1.47 and a beta of 0.86. The company has a 50-day moving average of $16.50 and a two-hundred day moving average of $15.96. First Horizon has a 1-year low of $11.12 and a 1-year high of $20.53.

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, beating 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 for the quarter, compared to the consensus estimate of $821.63 million. During the same period in the prior year, the company posted $0.27 EPS. As a group, equities analysts expect that First Horizon will post 1.49 earnings per share for the current fiscal year.

First Horizon announced that its board has authorized a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is presently 43.48%.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction dated 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 transaction, 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FHN. UMB Bank n.a. increased its stake in shares of First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new position in First Horizon in the 2nd quarter valued at approximately $28,000. Nemes Rush Group LLC boosted its position in First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon during the 2nd quarter valued at $31,000. Finally, Covestor Ltd grew its position in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares during the last quarter. 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.