First Horizon (NYSE:FHN) Given New $24.00 Price Target at Keefe, Bruyette & Woods

First Horizon (NYSE:FHN) had its price objective increased by Keefe, Bruyette & Woods from $23.00 to $24.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Wells Fargo & Company raised their price target on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Stephens upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, UBS Group began coverage on First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $21.00.

First Horizon Stock Up 3.5 %

FHN opened at $19.94 on Thursday. The business has a 50 day moving average price of $19.27 and a two-hundred day moving average price of $16.91. First Horizon has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a market cap of $10.57 billion, a PE ratio of 14.45, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period last year, the company earned $0.27 earnings per share. As a group, research analysts anticipate that First Horizon will post 1.49 EPS for the current year.

First Horizon announced that its board has approved a stock repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is currently 43.48%.

Insider Transactions at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon 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 completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. grew its position in shares of First Horizon by 552.9% in the third quarter. Franklin Resources Inc. now owns 273,693 shares of the financial services provider’s stock valued at $4,502,000 after purchasing an additional 231,773 shares during the period. Tidal Investments LLC boosted its stake in First Horizon by 5.9% in the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock worth $1,035,000 after buying an additional 3,722 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in First Horizon in the 3rd quarter valued at about $127,000. Sanctuary Advisors LLC lifted its holdings in shares of First Horizon by 16.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 3,540 shares during the period. Finally, Virtu Financial LLC lifted its holdings in shares of First Horizon by 227.0% during the 3rd quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock worth $519,000 after acquiring an additional 23,203 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.