Wells Fargo & Company Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target increased by Wells Fargo & Company from $21.00 to $22.00 in a report released on Friday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the stock. Evercore ISI upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Barclays increased their price target on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Stephens lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. reduced their target price on First Horizon from $23.00 to $22.50 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, Royal Bank of Canada lifted their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Seven investment 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.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $21.54 on Friday. The company has a market cap of $11.42 billion, a P/E ratio of 15.61, a PEG ratio of 1.36 and a beta of 0.92. First Horizon has a one year low of $13.45 and a one year high of $21.72. The business’s 50-day simple moving average is $20.43 and its 200 day simple moving average is $17.68. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company earned $0.32 EPS. On average, sell-side analysts forecast that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. UMB Bank n.a. boosted its position in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares during the period. Nemes Rush Group LLC raised its stake 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 valued at $29,000 after acquiring an additional 1,378 shares in the last quarter. Versant Capital Management Inc boosted its position in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 884 shares during the period. Covestor Ltd boosted its position in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares during the period. Finally, True Wealth Design LLC acquired a new position in shares of First Horizon during the third quarter valued at $36,000. 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.