Evercore ISI Cuts First Horizon (NYSE:FHN) Price Target to $18.50

First Horizon (NYSE:FHN) had its target price cut by Evercore ISI from $19.50 to $18.50 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research firms have also recently issued reports on FHN. Keefe, Bruyette & Woods reiterated a market perform rating and issued a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Barclays boosted their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an overweight rating in a research note on Monday, June 24th. Stephens initiated coverage on shares of First Horizon in a research note on Thursday, May 23rd. They issued an overweight rating and a $19.00 price target on the stock. Robert W. Baird reiterated a neutral rating and set a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. Finally, StockNews.com upgraded First Horizon from a sell rating to a hold rating in a research report on Saturday, July 20th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $17.38.

First Horizon Trading Up 2.6 %

NYSE FHN opened at $16.17 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. First Horizon has a one year low of $10.08 and a one year high of $17.46. The company has a 50-day simple moving average of $15.99 and a 200-day simple moving average of $15.43. The firm has a market capitalization of $8.84 billion, a PE ratio of 11.30, a price-to-earnings-growth ratio of 3.09 and a beta of 0.88.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same quarter in the previous year, the firm earned $0.39 earnings per share. On average, equities analysts forecast that First Horizon will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date is Friday, September 13th. First Horizon’s payout ratio is currently 41.96%.

Institutional Investors Weigh In On First Horizon

A number of institutional investors and hedge funds have recently bought and sold shares of FHN. Rise Advisors LLC bought a new stake in shares of First Horizon in the 1st quarter worth approximately $25,000. Family Firm Inc. acquired a new position in First Horizon in the second quarter worth approximately $28,000. Nemes Rush Group LLC increased its holdings in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon during the 1st quarter valued at $28,000. Finally, Fortitude Family Office LLC boosted its stake in shares of First Horizon by 129.3% during 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 in the last quarter. 80.28% of the stock is 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.