First Horizon (NYSE:FHN) Price Target Lowered to $22.50 at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $23.00 to $22.50 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 9.65% from the company’s current price.

A number of other brokerages have also weighed in on FHN. Evercore ISI lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a report on Thursday, October 17th. Stephens upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their price target on shares of First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Finally, Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.35.

First Horizon Trading Up 0.3 %

FHN traded up $0.06 on Tuesday, hitting $20.52. 2,954,652 shares of the company were exchanged, compared to its average volume of 3,858,328. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a fifty day simple moving average of $19.94 and a two-hundred day simple moving average of $17.35. The stock has a market capitalization of $10.88 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92. First Horizon has a 12 month low of $12.95 and a 12 month high of $21.72.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period in the prior year, the business posted $0.27 EPS. Sell-side analysts expect that First Horizon will post 1.49 earnings per share for the current year.

First Horizon announced that its board has initiated a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % 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 company insiders.

Institutional Trading of First Horizon

Several institutional investors have recently modified their holdings of FHN. Citigroup Inc. boosted its position in shares of First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after acquiring an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after purchasing an additional 100,359 shares during the last quarter. Allen Capital Group LLC increased its stake in First Horizon by 128.4% in the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC lifted its holdings in shares of First Horizon by 10.1% in the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after purchasing an additional 42,793 shares during the last quarter. Finally, Entropy Technologies LP purchased a new position in shares of First Horizon during the third quarter worth approximately $2,669,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

About First Horizon

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.