Bank of America Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target increased by equities research analysts at Bank of America from $23.00 to $25.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price objective points to a potential upside of 16.14% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. UBS Group initiated coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price on the stock. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods upped their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Barclays raised their price target on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Finally, Evercore ISI upped their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Price Performance

Shares of NYSE FHN traded up $0.22 during trading on Friday, reaching $21.53. The company had a trading volume of 2,160,637 shares, compared to its average volume of 5,471,547. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The business’s 50 day moving average price is $20.39 and its 200-day moving average price is $17.64. First Horizon has a 52 week low of $13.45 and a 52 week high of $21.72. The stock has a market cap of $11.41 billion, a PE ratio of 15.58, a PEG ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 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 company posted $0.32 earnings per share. Analysts expect that First Horizon will post 1.5 earnings per share for the current year.

First Horizon declared that its board has initiated a share buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon 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 sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction 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 owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc grew its stake in First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after purchasing an additional 559 shares in the last quarter. Covestor Ltd boosted its holdings in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the last quarter. CreativeOne Wealth LLC grew its stake in shares of First Horizon by 7.1% in the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after buying an additional 773 shares in the last quarter. GAMMA Investing LLC increased its holdings in First Horizon by 10.6% during the fourth quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock worth $184,000 after buying an additional 875 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 884 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.