First Horizon (NYSE:FHN) Stock Price Expected to Rise, Bank of America Analyst Says

First Horizon (NYSE:FHN) had its target price upped by Bank of America from $23.00 to $24.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. increased their target price on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a report on Friday, January 17th. Robert W. Baird upgraded shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Monday, April 7th. Wells Fargo & Company reduced their target price on shares of First Horizon from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Baird R W raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, April 8th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.03.

First Horizon Trading Down 1.2 %

Shares of First Horizon stock opened at $17.07 on Thursday. The stock has a market capitalization of $8.78 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. First Horizon has a 12-month low of $14.09 and a 12-month high of $22.44. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company has a 50-day simple moving average of $19.33 and a 200 day simple moving average of $19.49.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to analysts’ expectations of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the previous year, the company posted $0.35 earnings per share. Research analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.15 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.51%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc raised its stake in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after buying an additional 884 shares during the period. Jones Financial Companies Lllp bought a new position in shares of First Horizon during the 4th quarter valued at about $30,000. Byrne Asset Management LLC grew its position in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 830 shares during the period. Kentucky Trust Co bought a new stake in First Horizon during the 4th quarter worth approximately $32,000. Finally, Lee Danner & Bass Inc. acquired a new stake in First Horizon during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds 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.