First Horizon (NYSE:FHN) Given New $16.00 Price Target at Robert W. Baird

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

FHN has been the topic of several other research reports. Raymond James upgraded First Horizon from an outperform rating to a strong-buy rating and boosted their price objective for the company from $13.00 to $17.00 in a report on Friday, January 5th. Barclays began coverage on First Horizon in a research note on Friday, March 8th. They set an overweight rating and a $18.00 target price for the company. Evercore ISI boosted their target price on First Horizon from $17.00 to $17.50 and gave the stock an outperform rating in a research note on Thursday, March 28th. Wedbush reissued an outperform rating and set a $17.00 target price on shares of First Horizon in a research note on Wednesday, April 10th. Finally, UBS Group raised First Horizon from a neutral rating to a buy rating and upped their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $16.15.

First Horizon Stock Performance

Shares of First Horizon stock opened at $14.28 on Thursday. First Horizon has a one year low of $8.99 and a one year high of $18.99. The company has a market cap of $7.92 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 4.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.96. The business’s 50 day moving average price is $14.53 and its 200 day moving average price is $13.34.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, research analysts predict that First Horizon will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend was Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is 41.96%.

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

Hedge Funds Weigh In On First Horizon

A number of large investors have recently modified their holdings of the business. Macroview Investment Management LLC acquired a new stake in shares of First Horizon in the 3rd quarter worth approximately $25,000. Rise Advisors LLC acquired a new stake in shares of First Horizon in the 1st quarter worth approximately $25,000. Raleigh Capital Management Inc. acquired a new stake in shares of First Horizon in the 4th quarter worth approximately $28,000. Fortitude Family Office LLC grew its holdings in shares of First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,102 shares during the period. Finally, Lazard Asset Management LLC acquired a new stake in shares of First Horizon in the 2nd quarter worth approximately $31,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.