First Horizon (NYSE:FHN) Given New $23.00 Price Target at The Goldman Sachs Group

First Horizon (NYSE:FHN) had its price target upped by The Goldman Sachs Group from $18.50 to $23.00 in a research note released on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the financial services provider’s stock.

Other analysts also recently issued research reports about the company. Barclays boosted their price target on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Royal Bank of Canada raised their price target on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $18.71.

First Horizon Stock Performance

FHN opened at $21.21 on Tuesday. The company has a market cap of $11.24 billion, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $17.43 and its 200-day moving average price is $16.31. First Horizon has a 52-week low of $11.87 and a 52-week high of $21.72.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter last year, the company posted $0.27 earnings per share. As a group, equities analysts anticipate that First Horizon will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.83%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

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

Insider Buying and Selling

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’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 value of $1,996,255.98. Following the completion of the sale, 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. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FHN. Los Angeles Capital Management LLC lifted its stake in shares of First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after purchasing an additional 100,359 shares during the last quarter. Greenwood Capital Associates LLC raised its holdings in First Horizon by 10.1% in the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after buying an additional 42,793 shares during the period. Allen Capital Group LLC boosted its position in shares of First Horizon by 128.4% during the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 29,581 shares during the period. Harbor Capital Advisors Inc. increased its holdings in First Horizon by 127.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock valued at $1,644,000 after purchasing an additional 59,258 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in First Horizon in the 3rd quarter valued at approximately $2,669,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.