JPMorgan Chase & Co. Lowers First Horizon (NYSE:FHN) Price Target to $22.50

First Horizon (NYSE:FHN) had its price objective trimmed by JPMorgan Chase & Co. from $23.00 to $22.50 in a report issued on Tuesday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on FHN. Wells Fargo & Company upped their target price on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James upped their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Evercore ISI increased their price target 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. Finally, Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $21.35.

First Horizon Price Performance

Shares of NYSE:FHN opened at $20.49 on Tuesday. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market cap of $10.86 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92. The stock’s fifty day simple moving average is $20.01 and its two-hundred day simple moving average is $17.40.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping 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 business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the previous year, the company earned $0.27 earnings per share. As a group, analysts forecast that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon declared that its board has authorized a share repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s payout ratio is currently 43.48%.

Insider Buying and Selling at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the 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 sale, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc increased its holdings in shares of First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after purchasing an additional 559 shares during the period. Covestor Ltd grew its position 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 buying an additional 651 shares in the last quarter. CreativeOne Wealth LLC increased its stake in First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after acquiring an additional 773 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of First Horizon by 10.6% in the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock valued at $184,000 after acquiring an additional 875 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of 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 valued at $29,000 after acquiring an additional 884 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other 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.