First Horizon (NYSE:FHN) Given New $20.00 Price Target at Royal Bank of Canada

First Horizon (NYSE:FHN) had its price target hoisted by Royal Bank of Canada from $19.00 to $20.00 in a research report sent to investors on Thursday, MarketBeat.com reports. The firm currently has an outperform rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on the stock. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Barclays raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Finally, Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Six 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 stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.77.

First Horizon Price Performance

FHN stock opened at $17.45 on Thursday. First Horizon has a 1 year low of $10.16 and a 1 year high of $17.68. The company has a market cap of $9.54 billion, a P/E ratio of 12.20, a PEG ratio of 1.27 and a beta of 0.88. The firm has a 50-day moving average of $15.88 and a 200 day moving average of $15.58. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last announced its 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 net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter last year, the firm earned $0.27 earnings per share. On average, sell-side analysts forecast that First Horizon will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.44%. The ex-dividend date was Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Institutional Investors Weigh In On First Horizon

Several large investors have recently added to or reduced their stakes in FHN. DMC Group LLC boosted its stake in shares of First Horizon by 48.4% during the third quarter. DMC Group LLC now owns 25,174 shares of the financial services provider’s stock valued at $391,000 after purchasing an additional 8,209 shares in the last quarter. Blue Trust Inc. grew its position in shares of First Horizon by 76.7% in the 3rd quarter. Blue Trust Inc. now owns 21,940 shares of the financial services provider’s stock worth $346,000 after buying an additional 9,522 shares during the last quarter. KMG Fiduciary Partners LLC grew its stake in First Horizon by 0.6% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after buying an additional 952 shares during the last quarter. nVerses Capital LLC acquired a new position in First Horizon during the 3rd quarter valued at about $554,000. Finally, Exchange Traded Concepts LLC purchased a new stake in First Horizon in the third quarter valued at about $1,730,000. 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.