First Horizon (NYSE:FHN) Price Target Raised to $16.00

First Horizon (NYSE:FHN) had its price target increased by Robert W. Baird from $15.00 to $16.00 in a report released on Thursday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

FHN has been the topic of a number of other reports. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $16.00 to $17.50 and gave the stock a neutral rating in a research note on Thursday, April 4th. Wells Fargo & Company upped their target price on shares of First Horizon from $14.00 to $16.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. Barclays started coverage on shares of First Horizon in a research report on Friday, March 8th. They set an overweight rating and a $18.00 price target for the company. Keefe, Bruyette & Woods upgraded First Horizon from a market perform rating to an outperform rating and boosted their target price for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. Finally, StockNews.com cut shares of First Horizon from a hold rating to a sell rating in a research report on Wednesday, February 7th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $16.15.

First Horizon Stock Up 2.5 %

Shares of NYSE:FHN opened at $14.63 on Thursday. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm’s 50-day simple moving average is $14.55 and its 200-day simple moving average is $13.41. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 4.03 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the firm earned $0.46 EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts predict that First Horizon will post 1.5 earnings per share for the current year.

First Horizon declared that its Board of Directors has authorized a share repurchase program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.10%. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in First Horizon by 6,217.8% in the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after buying an additional 7,682,480 shares during the last quarter. Norges Bank acquired a new stake in shares of First Horizon in the fourth quarter worth approximately $86,487,000. North Reef Capital Management LP grew its holdings in First Horizon by 137.9% in the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after purchasing an additional 5,158,750 shares during the period. LSV Asset Management increased its position in First Horizon by 807.7% during the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after purchasing an additional 4,882,709 shares during the last quarter. Finally, Junto Capital Management LP acquired a new position in First Horizon during the fourth quarter worth approximately $52,721,000. Hedge funds and other institutional investors 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.