Analysts Set First Horizon Co. (NYSE:FHN) PT at $25.00

Posted by Defense World Staff on Jun 5th, 2023

First Horizon Co. (NYSE:FHN – Get Rating) has been given a consensus rating of “Hold” by the six brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $25.00.

A number of research analysts have recently issued reports on the company. Wells Fargo & Company raised First Horizon from an “equal weight” rating to an “overweight” rating and set a $25.00 price objective on the stock in a research note on Friday, March 24th. Jefferies Financial Group raised First Horizon from a “hold” rating to a “buy” rating in a research note on Wednesday, May 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $25.00 price target on shares of First Horizon in a research note on Wednesday, April 19th. Bank of America initiated coverage on First Horizon in a research note on Tuesday, May 16th. They set a “buy” rating on the stock. Finally, StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, May 13th.

Insider Buying and Selling at First Horizon

In related news, Director William H. Fenstermaker acquired 2,950 shares of First Horizon stock in a transaction dated Friday, May 12th. The shares were purchased at an average cost of $9.56 per share, with a total value of $28,202.00. Following the completion of the purchase, the director now owns 246,312 shares of the company’s stock, valued at $2,354,742.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Colin V. Reed acquired 25,138 shares of the stock in a transaction on Thursday, May 4th. The stock was acquired at an average cost of $9.96 per share, for a total transaction of $250,374.48. Following the completion of the acquisition, the director now directly owns 187,027 shares of the company’s stock, valued at approximately $1,862,788.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Fenstermaker acquired 2,950 shares of the stock in a transaction on Friday, May 12th. The stock was bought at an average price of $9.56 per share, with a total value of $28,202.00. Following the completion of the acquisition, the director now directly owns 246,312 shares of the company’s stock, valued at $2,354,742.72. The disclosure for this purchase can be found here. Insiders have bought 32,036 shares of company stock worth $320,525 over the last 90 days. Corporate insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several large investors have recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in First Horizon in the 4th quarter worth approximately $1,160,000. SG Americas Securities LLC grew its position in First Horizon by 131.2% in the 4th quarter. SG Americas Securities LLC now owns 41,460 shares of the financial services provider’s stock worth $1,016,000 after purchasing an additional 23,529 shares during the period. Yousif Capital Management LLC grew its position in First Horizon by 0.7% in the 4th quarter. Yousif Capital Management LLC now owns 280,022 shares of the financial services provider’s stock worth $6,861,000 after purchasing an additional 1,809 shares during the period. Octavia Wealth Advisors LLC bought a new stake in First Horizon in the 4th quarter worth approximately $207,000. Finally, Nordea Investment Management AB bought a new stake in First Horizon in the 4th quarter worth approximately $798,000. 77.41% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of NYSE FHN opened at $11.04 on Friday. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $24.92. The business has a fifty day moving average price of $14.57 and a two-hundred day moving average price of $20.27. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $5.94 billion, a PE ratio of 6.81, a P/E/G ratio of 2.71 and a beta of 0.89.

First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.01). The business had revenue of $863.00 million during the quarter, compared to the consensus estimate of $871.36 million. First Horizon had a net margin of 24.76% and a return on equity of 13.53%. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. As a group, equities analysts predict that First Horizon will post 1.68 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 5.43%. First Horizon’s payout ratio is 37.04%.

First Horizon Company Profile

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.