Evercore ISI Lowers First Horizon (NYSE:FHN) Price Target to $17.50

First Horizon (NYSE:FHN) had its price target lowered by Evercore ISI from $18.50 to $17.50 in a report released on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on FHN. StockNews.com upgraded First Horizon from a sell rating to a hold rating in a research note on Tuesday, June 18th. Robert W. Baird raised their target price on shares of First Horizon from $15.00 to $16.00 and gave the stock a neutral rating in a research note on Thursday, April 18th. Barclays increased their price target on shares of First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a report on Monday, June 24th. Royal Bank of Canada upgraded First Horizon from a sector perform rating to an outperform rating and boosted their price objective for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Finally, Wells Fargo & Company increased their target price on First Horizon from $14.00 to $16.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $16.69.

First Horizon Stock Performance

NYSE FHN opened at $15.76 on Tuesday. The firm has a market capitalization of $8.62 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 1.99 and a beta of 0.91. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average price is $15.32 and its two-hundred day moving average price is $14.67. First Horizon has a 1 year low of $10.08 and a 1 year high of $16.28.

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

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.81%. First Horizon’s payout ratio is 41.96%.

Hedge Funds Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the company. Natixis Advisors L.P. lifted its position in shares of First Horizon by 30.2% during the 4th quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock worth $3,948,000 after buying an additional 64,749 shares during the last quarter. Crestline Management LP boosted its stake in shares of First Horizon by 100.8% in the 4th quarter. Crestline Management LP now owns 400,000 shares of the financial services provider’s stock valued at $5,664,000 after purchasing an additional 200,846 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of First Horizon by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after purchasing an additional 2,276,977 shares during the last quarter. Lecap Asset Management Ltd. acquired a new position in First Horizon during the 4th quarter worth approximately $1,019,000. Finally, Greenlight Capital Inc. increased its position in First Horizon by 6.2% during the 4th quarter. Greenlight Capital Inc. now owns 1,377,090 shares of the financial services provider’s stock worth $19,500,000 after purchasing an additional 80,070 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.