First Horizon (NYSE:FHN) Price Target Raised to $23.00

First Horizon (NYSE:FHN) had its price objective raised by investment analysts at Barclays from $21.00 to $23.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price points to a potential upside of 17.65% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Stephens raised their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.38.

First Horizon Stock Performance

NYSE:FHN traded down $0.05 on Friday, reaching $19.55. 2,397,569 shares of the company’s stock were exchanged, compared to its average volume of 6,603,768. The stock has a fifty day simple moving average of $16.37 and a 200-day simple moving average of $15.88. First Horizon has a 52 week low of $10.96 and a 52 week high of $20.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. The firm has a market cap of $10.48 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.27 and a beta of 0.86.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the business earned $0.27 EPS. As a group, sell-side analysts predict that First Horizon will post 1.48 earnings per share for the current year.

First Horizon announced that its Board of Directors has authorized a stock buyback plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On First Horizon

A number of hedge funds have recently modified their holdings of FHN. UMB Bank n.a. grew its stake in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. Family Firm Inc. purchased a new stake in First Horizon in the second quarter worth $28,000. Nemes Rush Group LLC boosted its holdings in 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 acquiring an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in First Horizon in the 2nd quarter worth $31,000. Finally, Covestor Ltd boosted its stake in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares in the last quarter. 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.