First Horizon (NYSE:FHN) Price Target Raised to $27.00 at Truist Financial

First Horizon (NYSE:FHN) had its price objective hoisted by Truist Financial from $26.00 to $27.00 in a report released on Friday,Benzinga reports. The firm currently has a hold rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a report on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on shares of First Horizon from $26.00 to $28.50 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Raymond James Financial raised their price target on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Evercore set a $27.00 price objective on First Horizon in a research report on Monday. Finally, Zacks Research lowered First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $27.12.

First Horizon Stock Up 0.2%

Shares of NYSE FHN traded up $0.06 on Friday, reaching $25.75. 3,387,954 shares of the company’s stock traded hands, compared to its average volume of 4,142,333. First Horizon has a 12 month low of $19.80 and a 12 month high of $26.56. The business’s 50 day simple moving average is $24.69 and its two-hundred day simple moving average is $24.24. The company has a market cap of $12.22 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The firm had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.First Horizon’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 EPS. As a group, equities research analysts forecast that First Horizon will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.17 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. First Horizon’s payout ratio is presently 34.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FHN. Bessemer Group Inc. grew its stake in shares of First Horizon by 0.3% during the 1st quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock valued at $3,162,000 after purchasing an additional 425 shares during the period. Thoroughbred Financial Services LLC lifted its stake in shares of First Horizon by 3.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 457 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of First Horizon by 0.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock worth $1,641,000 after buying an additional 489 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Horizon by 1.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock worth $963,000 after buying an additional 507 shares during the last quarter. Finally, Aaron Wealth Advisors LLC grew its position in First Horizon by 5.4% during the fourth quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock valued at $237,000 after buying an additional 511 shares during the period. Institutional investors own 80.28% of the company’s stock.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.