Brokerages Set First Horizon Corporation (NYSE:FHN) PT at $26.58

First Horizon Corporation (NYSE:FHN) has been given an average recommendation of “Moderate Buy” by the twenty analysts that are covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $26.6316.

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, January 16th. Stephens raised their target price on shares of First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price target on shares of First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Finally, Zacks Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th.

Insider Transactions at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at $2,796,329.24. The trade was a 5.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Navigoe LLC bought a new stake in shares of First Horizon during the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp acquired a new stake in First Horizon during the 3rd quarter worth approximately $25,000. Root Financial Partners LLC bought a new stake in First Horizon in the 3rd quarter valued at $31,000. Kestra Investment Management LLC grew its holdings in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

Shares of NYSE FHN opened at $26.26 on Friday. The company has a fifty day moving average price of $24.16 and a 200 day moving average price of $22.75. The firm has a market cap of $12.93 billion, a PE ratio of 13.97, a PEG ratio of 0.99 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon has a 1-year low of $15.19 and a 1-year high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.06. The firm had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter last year, the business posted $0.43 EPS. Research analysts predict that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio (DPR) is currently 31.91%.

First Horizon announced that its board has initiated a stock buyback program on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.