Royal Bank of Canada Cuts First Horizon (NYSE:FHN) Price Target to $22.00

First Horizon (NYSE:FHN) had its price target lowered by Royal Bank of Canada from $24.00 to $22.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

FHN has been the subject of a number of other research reports. Raymond James lowered their price target on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. Baird R W raised First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Citigroup raised their price target on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday, April 8th. Finally, Bank of America raised their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $22.03.

First Horizon Stock Down 1.2 %

Shares of FHN opened at $17.07 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. First Horizon has a 1 year low of $14.09 and a 1 year high of $22.44. The business’s 50 day simple moving average is $19.22 and its 200-day simple moving average is $19.53.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. As a group, equities analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.51%. First Horizon’s payout ratio is 44.12%.

Insider Buying and Selling

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FHN. JPMorgan Chase & Co. raised its position in shares of First Horizon by 160.1% during the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after buying an additional 3,400,811 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in shares of First Horizon during the 4th quarter worth about $304,000. Merit Financial Group LLC purchased a new stake in First Horizon in the 4th quarter valued at about $453,000. Smith Group Asset Management LLC acquired a new position in First Horizon in the fourth quarter valued at about $1,813,000. Finally, Atria Investments Inc purchased a new position in First Horizon during the fourth quarter worth about $442,000. 80.28% of the stock is 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.