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

First Horizon (NYSE:FHN) had its target price increased by equities research analysts at Wells Fargo & Company from $21.00 to $22.00 in a report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 2.12% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. Barclays raised their target price on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Finally, Keefe, Bruyette & Woods upped their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Trading Up 1.1 %

NYSE FHN opened at $21.54 on Friday. First Horizon has a 1 year low of $13.45 and a 1 year high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market capitalization of $11.42 billion, a PE ratio of 15.61, a P/E/G ratio of 1.36 and a beta of 0.92. The company has a fifty day moving average of $20.43 and a 200 day moving average of $17.69.

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

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

Insiders Place Their Bets

In other First Horizon 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 completion of the sale, 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 position. 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 the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was 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 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.

Hedge Funds Weigh In On First Horizon

A number of institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its stake in shares of First Horizon by 2.3% in the 2nd quarter. American Century Companies Inc. now owns 239,193 shares of the financial services provider’s stock worth $3,772,000 after acquiring an additional 5,469 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of First Horizon in the second quarter valued at about $159,000. Envestnet Asset Management Inc. increased its position in First Horizon by 5.9% during the second quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock worth $1,909,000 after purchasing an additional 6,696 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in First Horizon by 9.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 2,143 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in First Horizon by 11.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,396 shares of the financial services provider’s stock valued at $1,115,000 after purchasing an additional 7,436 shares during the last quarter. Hedge funds and other 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.