First Horizon (NYSE:FHN) Given New $23.00 Price Target at The Goldman Sachs Group

First Horizon (NYSE:FHN) had its price target hoisted by The Goldman Sachs Group from $18.50 to $23.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts also recently weighed in on FHN. Royal Bank of Canada raised their target price on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Barclays lifted their target price on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.71.

First Horizon Stock Up 0.3 %

Shares of First Horizon stock opened at $21.15 on Tuesday. The company has a market capitalization of $11.21 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 1.57 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The business has a 50-day moving average of $17.75 and a two-hundred day moving average of $16.41. First Horizon has a 1 year low of $12.40 and a 1 year high of $21.72.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the firm posted $0.27 EPS. As a group, equities analysts predict that First Horizon will post 1.49 EPS for the current year.

First Horizon announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is presently 43.48%.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

Institutional Trading of First Horizon

Institutional investors have recently bought and sold shares of the business. Los Angeles Capital Management LLC boosted its stake in shares of First Horizon by 13.1% in the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after buying an additional 100,359 shares during the period. Citigroup Inc. raised its holdings in First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after acquiring an additional 285,108 shares in the last quarter. Greenwood Capital Associates LLC grew its holdings in shares of First Horizon by 10.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after purchasing an additional 42,793 shares in the last quarter. Allen Capital Group LLC grew its holdings in shares of First Horizon by 128.4% during the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 29,581 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of First Horizon by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock worth $1,644,000 after purchasing an additional 59,258 shares during the period. 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.