First Horizon (NYSE:FHN) Given New $21.00 Price Target at Wells Fargo & Company

First Horizon (NYSE:FHN) had its price target hoisted by Wells Fargo & Company from $18.00 to $21.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 1.50% from the company’s current price.

A number of other analysts also recently issued reports on the company. Royal Bank of Canada lifted their price target on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Raymond James upped their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Finally, Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.46.

First Horizon Stock Down 0.2 %

Shares of FHN traded down $0.04 during mid-day trading on Tuesday, hitting $20.69. 110,449 shares of the company’s stock were exchanged, compared to its average volume of 6,535,799. First Horizon has a fifty-two week low of $12.95 and a fifty-two week high of $21.72. The stock’s 50-day moving average is $17.85 and its 200-day moving average is $16.46. The company has a market cap of $10.97 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 1.58 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

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, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter last year, the company earned $0.27 EPS. On average, sell-side analysts anticipate that First Horizon will post 1.49 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other First Horizon 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 shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of First Horizon 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 transaction, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. 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

Institutional investors and hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. boosted its stake in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the period. Family Firm Inc. purchased a new stake in shares of First Horizon during the second quarter worth about $28,000. Nemes Rush Group LLC lifted its stake in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. purchased a new position in First Horizon in the second quarter valued at about $31,000. Finally, Covestor Ltd grew its stake in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares in 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.