Brokerages Set First Horizon Co. (NYSE:FHN) PT at $16.15

First Horizon Co. (NYSE:FHN) has earned a consensus rating of “Moderate Buy” from the fourteen research firms that are currently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $16.15.

Several analysts have recently weighed in on FHN shares. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Wells Fargo & Company upped their target price on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and upped their target price for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. upped their target price on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th.

Institutional Investors Weigh In On First Horizon

Several large investors have recently made changes to their positions in FHN. National Bank of Canada FI increased its holdings in First Horizon by 7,619.1% in the 3rd quarter. National Bank of Canada FI now owns 149,904 shares of the financial services provider’s stock worth $1,595,000 after acquiring an additional 147,962 shares during the last quarter. CWM LLC increased its holdings in First Horizon by 218.3% in the 3rd quarter. CWM LLC now owns 23,321 shares of the financial services provider’s stock worth $257,000 after acquiring an additional 15,995 shares during the last quarter. AE Wealth Management LLC increased its holdings in First Horizon by 69.8% in the 3rd quarter. AE Wealth Management LLC now owns 32,310 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 13,285 shares during the last quarter. DnB Asset Management AS increased its holdings in First Horizon by 10.7% in the 3rd quarter. DnB Asset Management AS now owns 102,467 shares of the financial services provider’s stock worth $1,129,000 after acquiring an additional 9,880 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in First Horizon by 98.0% in the 3rd quarter. HB Wealth Management LLC now owns 23,638 shares of the financial services provider’s stock worth $260,000 after acquiring an additional 11,701 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

First Horizon stock opened at $14.93 on Monday. The stock has a market cap of $8.28 billion, a PE ratio of 10.44, a P/E/G ratio of 4.10 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average price is $14.61 and its two-hundred day moving average price is $13.48. First Horizon has a 12-month low of $8.99 and a 12-month high of $18.29.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.46 earnings per share. As a group, analysts expect that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.02%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

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.