Several other analysts also recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of First Horizon from $15.00 to $12.00 in a research report on Tuesday, October 10th. Wedbush raised shares of First Horizon from a neutral rating to an outperform rating and lifted their price objective for the stock from $12.00 to $14.00 in a report on Friday, November 3rd. Royal Bank of Canada reaffirmed a sector perform rating and set a $16.00 price objective on shares of First Horizon in a report on Friday, January 19th. Wells Fargo & Company lifted their price objective on shares of First Horizon from $11.50 to $14.00 and gave the stock an equal weight rating in a report on Wednesday, December 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $13.00 to $13.50 and gave the stock a neutral rating in a report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $14.35.
First Horizon Stock Performance
First Horizon (NYSE:FHN – Get Free Report) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.01. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $784.20 million. During the same quarter last year, the firm posted $0.51 EPS. Sell-side analysts predict that First Horizon will post 1.42 earnings per share for the current fiscal year.
First Horizon Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is currently 39.22%.
First Horizon declared that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Hedge Funds Weigh In On First Horizon
A number of hedge funds and other institutional investors have recently made changes to their positions in FHN. Macroview Investment Management LLC bought a new stake in First Horizon in the 3rd quarter valued at about $25,000. FNY Investment Advisers LLC raised its stake in First Horizon by 241.5% in the 3rd quarter. FNY Investment Advisers LLC now owns 2,800 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,980 shares during the period. Lazard Asset Management LLC bought a new stake in First Horizon in the 2nd quarter valued at about $31,000. Spire Wealth Management raised its stake in First Horizon by 156.9% in the 2nd quarter. Spire Wealth Management now owns 3,334 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 2,036 shares during the period. Finally, FWL Investment Management LLC bought a new stake in First Horizon in the 4th quarter valued at about $39,000. 76.44% 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 three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.
- Five stocks we like better than First Horizon
- Insider Trades May Not Tell You What You Think
- MarketBeat Week in Review – 2/5 – 2/9
- How to Invest in Fertilizer
- Cloudflare results spark analysts reset: 25% upside ahead
- 3 Tickers Leading a Meme Stock Revival
- Beyond Nvidia: The hidden stars with 200% earnings growth
Receive News & Ratings for First Horizon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon and related companies with MarketBeat.com's FREE daily email newsletter.