Bank of America Increases First Horizon (NYSE:FHN) Price Target to $25.00

First Horizon (NYSE:FHN) had its price target hoisted by stock analysts at Bank of America from $23.00 to $25.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price target suggests a potential upside of 16.14% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on FHN. Evercore ISI boosted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Raymond James upped their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Barclays raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $22.04.

First Horizon Stock Performance

Shares of FHN stock traded up $0.22 during trading on Friday, reaching $21.53. 2,160,637 shares of the company’s stock were exchanged, compared to its average volume of 5,471,547. The firm’s fifty day moving average price is $20.39 and its 200-day moving average price is $17.64. First Horizon has a twelve month low of $13.45 and a twelve month high of $21.72. The stock has a market capitalization of $11.41 billion, a PE ratio of 15.58, a PEG ratio of 1.36 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period last year, the firm earned $0.32 EPS. As a group, sell-side analysts anticipate that First Horizon will post 1.5 EPS for the current year.

First Horizon declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

Hedge Funds Weigh In On First Horizon

Several large investors have recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 884 shares during the last quarter. UMB Bank n.a. raised its position in First Horizon by 365.0% during the 3rd 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. Nemes Rush Group LLC lifted its holdings in First Horizon by 306.2% during 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 during the period. Covestor Ltd grew its position in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the last quarter. Finally, True Wealth Design LLC acquired a new stake in shares of First Horizon in the third quarter valued at about $36,000. 80.28% of the stock is currently owned by institutional investors.

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.