First Horizon Co. (NYSE:FHN) Receives Average Recommendation of “Moderate Buy” from Brokerages

First Horizon Co. (NYSE:FHNGet Free Report) has been assigned an average rating of “Moderate Buy” from the thirteen research firms that are currently covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $14.92.

Several research analysts recently issued reports on the company. Barclays assumed coverage on First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price for the company. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $16.00 price target on shares of First Horizon in a report on Friday, January 19th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and increased their price target for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. Finally, StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th.

Read Our Latest Analysis on FHN

First Horizon Stock Down 3.0 %

Shares of NYSE:FHN opened at $14.94 on Thursday. The firm has a market cap of $8.29 billion, a P/E ratio of 9.76, a P/E/G ratio of 4.45 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.13. First Horizon has a 12-month low of $8.99 and a 12-month high of $18.99. The business has a fifty day simple moving average of $14.47 and a 200 day simple moving average of $13.06.

First Horizon (NYSE:FHNGet Free Report) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $784.20 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. During the same period last year, the company earned $0.51 EPS. Analysts predict that First Horizon will post 1.42 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.15 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. First Horizon’s dividend payout ratio is presently 39.22%.

First Horizon announced that its Board of Directors has approved a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of First Horizon

Several large investors have recently made changes to their positions in FHN. AQR Capital Management LLC boosted its stake in First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after purchasing an additional 7,682,480 shares during the last quarter. Norges Bank acquired a new position in First Horizon during the 4th quarter valued at about $86,487,000. North Reef Capital Management LP boosted its stake in First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after purchasing an additional 5,158,750 shares during the last quarter. LSV Asset Management boosted its stake in First Horizon by 807.7% during the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after purchasing an additional 4,882,709 shares during the last quarter. Finally, Scout Investments Inc. acquired a new position in First Horizon during the 2nd quarter valued at about $59,327,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

About First Horizon

(Get Free Report

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.

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Analyst Recommendations for First Horizon (NYSE:FHN)

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