First Horizon (NYSE:FHN) Given New $25.00 Price Target at Barclays

First Horizon (NYSE:FHN) had its price objective lifted by Barclays from $23.00 to $25.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective indicates a potential upside of 29.74% from the company’s current price.

A number of other equities research analysts also recently issued reports on the company. Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Keefe, Bruyette & Woods upped their target price on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday. Raymond James increased their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

First Horizon Stock Up 0.8 %

FHN opened at $19.27 on Friday. 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’s fifty day simple moving average is $19.20 and its 200 day simple moving average is $16.88. First Horizon has a 1-year low of $12.95 and a 1-year high of $21.72. The stock has a market cap of $10.22 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

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 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 for the quarter, compared to analyst estimates of $821.63 million. During the same quarter in the prior year, the business earned $0.27 EPS. As a group, research analysts expect that First Horizon will post 1.49 earnings per share for the current year.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On First Horizon

A number of hedge funds have recently added to or reduced their stakes in FHN. Millennium Management LLC lifted its holdings in shares of First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in First Horizon in the 2nd quarter valued at $66,779,000. State Street Corp raised its position in First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Institutional investors and hedge funds 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.