First Horizon (NYSE:FHN) Price Target Raised to $23.00 at Barclays

First Horizon (NYSE:FHN) had its target price upped by equities researchers at Barclays from $21.00 to $23.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price suggests a potential upside of 17.65% from the company’s current price.

A number of other research firms have also weighed in on FHN. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Evercore ISI raised their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Finally, Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

First Horizon Price Performance

Shares of NYSE FHN traded down $0.05 during midday trading on Friday, reaching $19.55. 2,397,569 shares of the company were exchanged, compared to its average volume of 6,603,768. First Horizon has a one year low of $10.96 and a one year high of $20.11. The stock has a market cap of $10.48 billion, a P/E ratio of 14.17, a PEG ratio of 1.27 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average price is $16.37 and its 200-day moving average price is $15.88.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the prior year, the firm earned $0.27 EPS. On average, sell-side analysts anticipate that First Horizon will post 1.48 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently bought and sold shares of FHN. Sei Investments Co. raised its stake in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after purchasing an additional 155,982 shares during the last quarter. Seven Eight Capital LP purchased a new stake in First Horizon in the 1st quarter valued at $2,366,000. O Shaughnessy Asset Management LLC boosted its holdings in First Horizon by 286.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock worth $1,012,000 after acquiring an additional 48,720 shares during the last quarter. Greenwood Capital Associates LLC grew its stake in shares of First Horizon by 10.1% in the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after acquiring an additional 42,793 shares in the last quarter. Finally, M&G Plc bought a new position in shares of First Horizon during the 1st quarter valued at approximately $8,019,000. 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.