Keefe, Bruyette & Woods Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price objective decreased by Keefe, Bruyette & Woods from $24.00 to $23.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 13.41% from the stock’s current price.

FHN has been the subject of several other reports. Raymond James Financial set a $23.00 price target on shares of First Horizon in a research report on Wednesday. TD Cowen began coverage on shares of First Horizon in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 price target for the company. Cowen began coverage on shares of First Horizon in a research report on Wednesday, September 24th. They set a “hold” rating for the company. Barclays upped their price target on shares of First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their price target on shares of First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $24.47.

First Horizon Stock Performance

NYSE FHN opened at $20.28 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $10.30 billion, a P/E ratio of 12.29, a P/E/G ratio of 0.81 and a beta of 0.67. The company has a fifty day moving average of $22.39 and a 200-day moving average of $20.75. First Horizon has a 52-week low of $15.19 and a 52-week high of $23.70.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The business had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period in the prior year, the business posted $0.42 earnings per share. The company’s revenue was up 7.4% on a year-over-year basis. As a group, equities research analysts predict that First Horizon will post 1.67 EPS for the current fiscal year.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Navigoe LLC purchased a new position in shares of First Horizon during the 3rd quarter worth $25,000. Kestra Investment Management LLC increased its holdings in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. Compass Financial Services Inc bought a new stake in First Horizon in the 1st quarter valued at $38,000. Finally, Quarry LP grew its stake in shares of First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after buying an additional 1,243 shares in the last quarter. Hedge funds and other institutional investors 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.