First Horizon (NYSE:FHN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

First Horizon (NYSE:FHN) had its price target raised by equities research analysts at Wells Fargo & Company from $21.00 to $22.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 3.29% from the stock’s previous close.

FHN has been the subject of a number of other research reports. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Raymond James raised their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. dropped their target price on shares of First Horizon from $23.00 to $22.50 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Finally, Stephens lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.42.

First Horizon Stock Performance

Shares of First Horizon stock opened at $21.30 on Friday. The company has a market cap of $11.29 billion, a P/E ratio of 15.43, a PEG ratio of 1.36 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $20.39 and a two-hundred day moving average price of $17.64. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter in the prior year, the firm posted $0.32 EPS. As a group, analysts anticipate that First Horizon will post 1.5 EPS for the current year.

First Horizon declared that its board has initiated a share repurchase plan 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 buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the 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 completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently modified their holdings of the business. State Street Corp lifted its holdings in shares of First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after purchasing an additional 4,116,486 shares during the last quarter. Millennium Management LLC grew its stake in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after acquiring an additional 4,558,129 shares during the last quarter. Sculptor Capital LP boosted its stake in First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after purchasing an additional 1,570,000 shares in the last quarter. Geode Capital Management LLC grew its position in First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after purchasing an additional 61,397 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in First Horizon by 38.8% during the 2nd quarter. AQR Capital Management LLC now owns 5,015,941 shares of the financial services provider’s stock worth $76,644,000 after purchasing an additional 1,402,436 shares during the last quarter. 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.