First Horizon (NYSE:FHN) Stock Price Target Cut by Wells Fargo & Company

First Horizon (NYSE:FHN) had its target price reduced by research analysts at Wells Fargo & Company from $28.00 to $25.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 8.07% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of First Horizon in a research note on Friday, September 4th. Hovde Group assumed coverage on First Horizon in a research report on Thursday, September 17th. They set a “market perform” rating and a $25.00 target price for the company. National Bank Financial set a $30.00 price target on First Horizon in a report on Tuesday, September 8th. Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, JPMorgan Chase & Co. reduced their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.17.

First Horizon Price Performance

Shares of First Horizon stock traded up $0.03 during trading hours on Wednesday, reaching $23.13. The company’s stock had a trading volume of 345,372 shares, compared to its average volume of 5,310,610. The firm has a 50 day moving average price of $24.84 and a 200-day moving average price of $24.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market cap of $10.96 billion, a P/E ratio of 11.06, a P/E/G ratio of 0.93 and a beta of 0.60. First Horizon has a one year low of $19.80 and a one year high of $26.56.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million during the quarter, compared to analysts’ expectations of $878.42 million. During the same quarter in the previous year, the business earned $0.45 EPS. On average, analysts predict that First Horizon will post 2.15 EPS for the current year.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Horizon

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in First Horizon during the 2nd quarter valued at $1,505,239,000. Bank of New York Mellon Corp bought a new stake in First Horizon during the second quarter valued at about $747,445,000. North Reef Capital Management LP grew its stake in First Horizon by 25.5% in the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Norges Bank bought a new position in First Horizon in the fourth quarter worth about $153,942,000. Finally, William Blair Investment Management LLC purchased a new stake in shares of First Horizon during the second quarter valued at about $123,283,000. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.