Evercore ISI Increases First Horizon (NYSE:FHN) Price Target to $17.50

First Horizon (NYSE:FHN) had its price target increased by equities researchers at Evercore ISI from $17.00 to $17.50 in a report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s price objective suggests a potential upside of 13.49% from the stock’s current price.

A number of other brokerages have also issued reports on FHN. Wells Fargo & Company upped their target price on First Horizon from $11.50 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 6th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and upped their price target for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Citigroup assumed coverage on shares of First Horizon in a report on Friday, December 1st. They set a “buy” rating and a $14.00 price objective for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $16.00 target price on shares of First Horizon in a research note on Friday, January 19th. Finally, Barclays initiated coverage on shares of First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $14.92.

First Horizon Stock Up 0.7 %

Shares of FHN stock traded up $0.10 on Thursday, hitting $15.42. The stock had a trading volume of 929,040 shares, compared to its average volume of 7,478,553. The stock’s 50 day moving average is $14.40 and its 200-day moving average is $12.98. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 4.28 and a beta of 0.93. First Horizon has a 52-week low of $8.99 and a 52-week high of $18.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $784.20 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. During the same quarter in the previous year, the business posted $0.51 EPS. As a group, research analysts expect that First Horizon will post 1.42 earnings per share for the current year.

First Horizon announced that its Board of Directors has initiated a stock repurchase 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 reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Macroview Investment Management LLC acquired a new position in shares of First Horizon during the third quarter valued at $25,000. Raleigh Capital Management Inc. acquired a new position in First Horizon during the 4th quarter valued at about $28,000. FNY Investment Advisers LLC grew its position 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 worth $30,000 after purchasing an additional 1,980 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of First Horizon in the second quarter valued at approximately $31,000. Finally, Richardson Financial Services Inc. bought a new stake in shares of First Horizon during the fourth quarter valued at approximately $35,000. 80.28% of the stock is currently owned by 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.