First Horizon (NYSE:FHN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

First Horizon (NYSE:FHN) had its price target lifted by investment analysts at Wells Fargo & Company from $18.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 1.50% from the stock’s previous close.

FHN has been the topic of a number of other reports. Robert W. Baird set a $17.00 price target on First Horizon in a report on Thursday, October 17th. Raymond James boosted their price target on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada increased their price target on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.46.

First Horizon Stock Performance

FHN stock traded down $0.04 during mid-day trading on Tuesday, reaching $20.69. The company had a trading volume of 110,449 shares, compared to its average volume of 6,535,799. First Horizon has a one year low of $12.95 and a one year high of $21.72. The stock has a market capitalization of $10.97 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.58 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock’s 50-day simple moving average is $17.85 and its two-hundred day simple moving average is $16.46.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter last year, the business earned $0.27 earnings per share. Research analysts anticipate that First Horizon will post 1.49 EPS for the current year.

First Horizon declared that its Board of Directors has approved a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the stock. UMB Bank n.a. lifted its position in 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 period. Family Firm Inc. bought a new stake in shares of First Horizon in the 2nd quarter valued at approximately $28,000. Nemes Rush Group LLC raised its holdings in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of First Horizon during the 2nd quarter worth approximately $31,000. Finally, Covestor Ltd raised its stake in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Company Profile

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.