Jefferies Financial Group Initiates Coverage on First Horizon (NYSE:FHN)

Research analysts at Jefferies Financial Group began coverage on shares of First Horizon (NYSE:FHN) in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $25.00 price target on the financial services provider’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 26.71% from the stock’s current price.

Several other research analysts also recently weighed in on the company. Raymond James dropped their target price on First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Bank of America increased their target price on First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, April 17th. Royal Bank of Canada cut their price target on First Horizon from $24.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, April 17th. Barclays cut their target price on First Horizon from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Monday, April 7th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.41.

First Horizon Stock Performance

Shares of FHN opened at $19.73 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $18.49 and a two-hundred day simple moving average of $19.87. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.19 and a beta of 0.59. First Horizon has a 52 week low of $14.09 and a 52 week high of $22.44.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The firm had revenue of $823.69 million during the quarter, compared to analysts’ expectations of $825.11 million. During the same quarter last year, the business posted $0.35 earnings per share. On average, analysts expect that First Horizon will post 1.67 EPS for the current year.

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. increased its holdings in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in First Horizon in the first quarter worth approximately $9,861,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in First Horizon by 53.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock worth $244,594,000 after acquiring an additional 4,392,405 shares during the period. Caxton Associates LLP purchased a new position in First Horizon in the first quarter worth approximately $2,993,000. Finally, Goldman Sachs Group Inc. grew its position in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares during the period. 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.