First Horizon (NYSE:FHN) Price Target Raised to $16.00

First Horizon (NYSE:FHN) had its price target upped by equities researchers at Robert W. Baird from $15.00 to $16.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Robert W. Baird’s price target would suggest a potential upside of 9.44% from the stock’s previous close.

Several other brokerages also recently commented on FHN. StockNews.com downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Raymond James raised shares of First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $13.00 to $17.00 in a research note on Friday, January 5th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Finally, Wedbush reaffirmed an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research note on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Price Performance

Shares of NYSE:FHN opened at $14.62 on Thursday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 4.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.94. The firm has a 50 day simple moving average of $14.55 and a 200 day simple moving average of $13.37. First Horizon has a one year low of $8.99 and a one year high of $18.99.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $819.00 million during the quarter, compared to the consensus estimate 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 was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 EPS. Research analysts predict that First Horizon will post 1.46 earnings per share for the current fiscal year.

First Horizon announced that its board has authorized a stock buyback program on Tuesday, January 23rd that permits the company to buyback $650.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On First Horizon

Large investors have recently modified their holdings of the company. FWL Investment Management LLC acquired a new stake in First Horizon in the fourth quarter worth $39,000. Rise Advisors LLC acquired a new stake in First Horizon in the first quarter worth $25,000. Cubist Systematic Strategies LLC acquired a new stake in First Horizon in the third quarter worth $39,000. Fortitude Family Office LLC grew its holdings in First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares during the period. Finally, Raleigh Capital Management Inc. acquired a new stake in First Horizon in the fourth quarter worth $28,000. 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.