Citigroup Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price objective raised by Citigroup from $24.00 to $25.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

FHN has been the topic of several other reports. UBS Group assumed coverage on First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target on the stock. Raymond James boosted 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. Wells Fargo & Company boosted their price target on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Finally, Bank of America boosted their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $22.23.

First Horizon Stock Performance

Shares of FHN stock opened at $21.55 on Friday. The business’s 50 day simple moving average is $21.17 and its 200 day simple moving average is $18.86. First Horizon has a one year low of $13.72 and a one year high of $22.44. The stock has a market capitalization of $11.42 billion, a PE ratio of 15.84, a PEG ratio of 1.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the firm earned $0.32 EPS. As a group, research analysts forecast that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction on Wednesday, January 22nd. The stock was 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 directly 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

Institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc raised its position in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in First Horizon in the 4th quarter valued at $30,000. Kentucky Trust Co purchased a new stake in First Horizon in the 4th quarter valued at $32,000. Covestor Ltd raised its position in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the last quarter. Finally, True Wealth Design LLC purchased a new stake in First Horizon in the 3rd quarter valued at $36,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.