Robert W. Baird Raises First Horizon (NYSE:FHN) Price Target to $16.00

First Horizon (NYSE:FHN) had its price objective lifted by Robert W. Baird from $15.00 to $16.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on the stock. Evercore ISI upped their target price on shares of First Horizon from $17.00 to $17.50 and gave the company an outperform rating in a research note on Thursday, March 28th. Royal Bank of Canada raised shares of First Horizon from a sector perform rating to an outperform rating and upped their price objective for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Wedbush reaffirmed an outperform rating and set a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. Wells Fargo & Company upped their price objective on shares of First Horizon from $14.00 to $16.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $16.00 to $17.50 and gave the stock a neutral rating in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $16.15.

First Horizon Stock Performance

NYSE FHN opened at $14.28 on Thursday. The stock has a market cap of $7.92 billion, a P/E ratio of 9.99, a PEG ratio of 4.00 and a beta of 0.94. The company’s 50-day simple moving average is $14.53 and its 200 day simple moving average is $13.34. First Horizon has a twelve month low of $8.99 and a twelve month high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, research analysts forecast that First Horizon will post 1.46 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a stock buyback plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.15 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.60 annualized dividend and a yield of 4.20%. First Horizon’s dividend payout ratio is currently 41.96%.

Hedge Funds Weigh In On First Horizon

Several large investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in First Horizon by 24.2% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock valued at $514,000 after buying an additional 6,500 shares during the period. State of Michigan Retirement System raised its holdings in First Horizon by 2.4% in the first quarter. State of Michigan Retirement System now owns 137,256 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 3,200 shares during the period. Oak Thistle LLC acquired a new stake in First Horizon in the first quarter worth $701,000. Register Financial Advisors LLC acquired a new stake in First Horizon in the first quarter worth $85,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in First Horizon by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 106,112 shares of the financial services provider’s stock worth $1,634,000 after purchasing an additional 2,029 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.