First Horizon (NYSE:FHN) Given New $22.00 Price Target at Raymond James

First Horizon (NYSE:FHN) had its price target hoisted by investment analysts at Raymond James from $19.00 to $22.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Raymond James’ target price indicates a potential upside of 12.53% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Barclays boosted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Royal Bank of Canada lifted their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Six 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.38.

First Horizon Stock Down 0.3 %

NYSE FHN traded down $0.05 during trading hours on Friday, reaching $19.55. 2,397,569 shares of the company’s stock traded hands, compared to its average volume of 6,603,768. First Horizon has a 52-week low of $10.96 and a 52-week high of $20.11. The firm has a market cap of $10.48 billion, a PE ratio of 14.17, a PEG ratio of 1.27 and a beta of 0.86. The firm has a 50-day simple moving average of $16.37 and a 200 day simple moving average of $15.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter in the prior year, the business earned $0.27 EPS. Sell-side analysts anticipate that First Horizon will post 1.48 EPS for the current fiscal year.

First Horizon declared that its board has authorized a stock buyback plan 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 reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On First Horizon

Several hedge funds have recently bought and sold shares of the business. UMB Bank n.a. raised 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 buying an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new position in First Horizon in the second quarter valued at approximately $28,000. Nemes Rush Group LLC grew its stake in shares of 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 worth $29,000 after purchasing an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. bought a new position in shares of First Horizon during the second quarter worth $31,000. Finally, Covestor Ltd grew its position in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

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.