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

First Horizon (NYSE:FHN) had its target price lifted by investment analysts at The Goldman Sachs Group from $18.50 to $23.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 9.06% from the stock’s current price.

FHN has been the topic of a number of other research reports. JPMorgan Chase & Co. dropped their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Finally, Raymond James lifted their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $18.71.

First Horizon Price Performance

Shares of NYSE FHN opened at $21.09 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a fifty-two week low of $11.87 and a fifty-two week high of $21.72. The firm has a market capitalization of $11.18 billion, a PE ratio of 15.30, a price-to-earnings-growth ratio of 1.60 and a beta of 0.86. The stock’s 50-day simple moving average is $17.54 and its 200-day simple moving average is $16.35.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the company posted $0.27 earnings per share. As a group, equities research analysts forecast that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon announced that its board has approved a stock repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In other First Horizon news, 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 transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s 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 approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Institutional Trading of First Horizon

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp raised its holdings in shares of First Horizon by 13.6% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. State Street Corp raised its holdings in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after buying an additional 3,470,346 shares in the last quarter. Millennium Management LLC raised its holdings in 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 valued at $226,626,000 after buying an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management raised its holdings in First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after buying an additional 692,100 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Company Profile

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.