First Horizon (NYSE:FHN) Given New $23.00 Price Target at The Goldman Sachs Group

First Horizon (NYSE:FHN) had its price target hoisted by research analysts at The Goldman Sachs Group from $18.50 to $23.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 7.33% from the stock’s previous close.

A number of other analysts have also issued reports on FHN. Royal Bank of Canada raised their price target on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Barclays raised their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research note on Thursday, October 17th. Stephens lifted 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. Finally, JPMorgan Chase & Co. dropped their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.71.

First Horizon Trading Up 2.4 %

Shares of First Horizon stock opened at $21.43 on Tuesday. The company has a 50-day moving average of $17.43 and a two-hundred day moving average of $16.31. The stock has a market cap of $11.36 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86. 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 has a 12-month low of $11.87 and a 12-month high of $21.72.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter last year, the business posted $0.27 earnings per share. On average, research analysts anticipate that First Horizon will post 1.49 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated 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 approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s 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 sale, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This represents 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 company insiders.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently bought and sold shares of FHN. UMB Bank n.a. lifted its position in 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 worth $26,000 after buying an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new position in shares of First Horizon in the second quarter worth $28,000. Nemes Rush Group LLC boosted its position 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 valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in First Horizon during the second quarter valued at $31,000. Finally, 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 worth $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other 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.