First Horizon Co. (NYSE:FHN) Receives $16.15 Consensus Price Target from Brokerages

Shares of First Horizon Co. (NYSE:FHN) have received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $16.15.

A number of brokerages have commented on FHN. Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a report on Friday, April 5th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Monday, May 13th. Wells Fargo & Company boosted their target price on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Finally, Barclays began coverage on First Horizon in a research note on Friday, March 8th. They set an “overweight” rating and a $18.00 price target on the stock.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently bought and sold shares of FHN. Rise Advisors LLC purchased a new stake in First Horizon in the 1st quarter worth approximately $25,000. Raleigh Capital Management Inc. purchased a new stake in First Horizon in the 4th quarter worth approximately $28,000. Fidelis Capital Partners LLC purchased a new stake in First Horizon in the 1st quarter worth approximately $28,000. Fortitude Family Office LLC boosted its position in First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Richardson Financial Services Inc. purchased a new stake in First Horizon in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

FHN stock opened at $16.01 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The business has a 50-day moving average price of $15.05 and a 200 day moving average price of $14.09. The company has a market capitalization of $8.76 billion, a P/E ratio of 11.20, a PEG ratio of 4.40 and a beta of 0.94. First Horizon has a 1-year low of $10.08 and a 1-year high of $16.15.

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

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.75%. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.