First Horizon (NYSE:FHN) Given New $23.00 Price Target at Royal Bank of Canada

First Horizon (NYSE:FHN) had its price target hoisted by stock analysts at Royal Bank of Canada from $22.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 12.47% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company lifted their target price on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. reduced their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Barclays lifted their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Stephens lifted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Evercore ISI lifted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.69.

First Horizon Trading Down 0.7 %

Shares of NYSE FHN opened at $20.45 on Wednesday. First Horizon has a 1 year low of $12.95 and a 1 year high of $21.72. The stock has a market cap of $10.84 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The firm has a 50-day moving average of $18.79 and a 200 day moving average of $16.74. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the company posted $0.27 EPS. As a group, sell-side analysts expect that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon declared that its board has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on 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 sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of First Horizon by 13.6% in the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. State Street Corp raised its stake in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after acquiring an additional 4,116,486 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of First Horizon by 28.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares during the period. Millennium Management LLC raised its stake in shares of First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the period. Finally, LSV Asset Management raised its stake in shares of First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after acquiring an additional 692,100 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.