First Horizon (NYSE:FHN) Earns Overweight Rating from Stephens

First Horizon (NYSE:FHN)‘s stock had its “overweight” rating reiterated by stock analysts at Stephens in a report issued on Friday,Benzinga reports. They presently have a $24.00 price objective on the financial services provider’s stock. Stephens’ price target points to a potential upside of 12.18% from the company’s previous close.

Several other research firms have also recently weighed in on FHN. JPMorgan Chase & Co. boosted their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a report on Friday. Raymond James increased their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, UBS Group started coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target on the stock. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $21.81.

First Horizon Stock Up 0.4 %

FHN stock traded up $0.09 during mid-day trading on Friday, reaching $21.40. 1,431,460 shares of the company traded hands, compared to its average volume of 5,394,917. First Horizon has a fifty-two week low of $13.45 and a fifty-two week high of $21.72. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average price is $20.39 and its 200 day moving average price is $17.64. The stock has a market cap of $11.34 billion, a price-to-earnings ratio of 15.50, a P/E/G ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. 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 posted $0.32 earnings per share. As a group, equities research analysts predict that First Horizon will post 1.5 EPS for the current fiscal year.

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

Insider Activity

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Horizon

Several large investors have recently added to or reduced their stakes in FHN. Atomi Financial Group Inc. raised its holdings in shares of First Horizon by 20.0% in the 4th quarter. Atomi Financial Group Inc. now owns 14,883 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 2,477 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,000 shares during the last quarter. UMB Bank n.a. lifted its position in First Horizon by 63.4% during the fourth quarter. UMB Bank n.a. now owns 2,758 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 1,070 shares during the last quarter. Krilogy Financial LLC purchased a new position in First Horizon in the 4th quarter worth approximately $261,000. Finally, Merit Financial Group LLC purchased a new stake in shares of First Horizon during the 4th quarter valued at $453,000. Institutional investors own 80.28% of the company’s stock.

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.