Wells Fargo & Company Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target lowered by Wells Fargo & Company from $22.00 to $20.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 9.52% from the company’s previous close.

Several other brokerages have also weighed in on FHN. Baird R W raised First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Monday. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday. Citigroup boosted their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Raymond James decreased their price target on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Finally, Stephens restated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.30.

First Horizon Stock Performance

Shares of NYSE:FHN traded up $1.75 on Wednesday, hitting $18.26. The company’s stock had a trading volume of 6,135,377 shares, compared to its average volume of 6,267,169. The stock’s 50-day moving average is $20.07 and its two-hundred day moving average is $19.43. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. 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 has a 12 month low of $13.72 and a 12 month high of $22.44.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the business posted $0.32 earnings per share. On average, equities research analysts forecast that First Horizon will post 1.67 EPS for the current year.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 FHN. Versant Capital Management Inc grew its stake in First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of First Horizon in the 4th quarter valued at about $30,000. Kentucky Trust Co bought a new stake in shares of First Horizon in the 4th quarter valued at about $32,000. Lee Danner & Bass Inc. acquired a new stake in First Horizon in the 4th quarter valued at about $50,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of First Horizon by 335.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds 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.