First Horizon Corporation (NYSE:FHN) Stock Has Average Target Price of $27.07 According to Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have been assigned an average rating of “Hold” from the twenty-one ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $27.07.

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Sunday, October 11th. Wells Fargo & Company decreased their price target on shares of First Horizon from $28.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 30th. Citigroup lowered their price objective on First Horizon from $28.50 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, September 22nd. Morgan Stanley set a $31.00 price objective on First Horizon in a research note on Friday, October 16th. Finally, Hovde Group assumed coverage on First Horizon in a research note on Thursday, September 17th. They set a “market perform” rating and a $25.00 price objective for the company.

Insider Activity

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Maryland State Retirement & Pension System grew its position in First Horizon by 19.9% in the 3rd quarter. Maryland State Retirement & Pension System now owns 29,851 shares of the financial services provider’s stock valued at $687,000 after acquiring an additional 4,949 shares in the last quarter. Cherokee Insurance Co increased its stake in First Horizon by 2.9% during the third quarter. Cherokee Insurance Co now owns 175,000 shares of the financial services provider’s stock worth $4,028,000 after purchasing an additional 5,000 shares during the period. Jefferies Financial Group Inc. lifted its position in shares of First Horizon by 72.4% during the third quarter. Jefferies Financial Group Inc. now owns 40,000 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 16,804 shares in the last quarter. Machina Capital S.A.S. lifted its position in shares of First Horizon by 243.1% during the third quarter. Machina Capital S.A.S. now owns 75,108 shares of the financial services provider’s stock worth $1,729,000 after purchasing an additional 53,217 shares in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in shares of First Horizon by 1.1% during the third quarter. Illinois Municipal Retirement Fund now owns 97,843 shares of the financial services provider’s stock worth $2,252,000 after purchasing an additional 1,090 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $23.11 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.97. The company has a fifty day moving average of $23.62 and a two-hundred day moving average of $24.27. The stock has a market capitalization of $10.95 billion, a PE ratio of 16.63, a P/E/G ratio of 0.99 and a beta of 0.62. First Horizon has a fifty-two week low of $20.40 and a fifty-two week high of $26.56.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. The business had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.18 million. During the same period last year, the firm posted $0.51 earnings per share. As a group, research analysts forecast that First Horizon will post 2.14 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 11th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s payout ratio is currently 48.92%.

First Horizon Company Profile

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.