Royal Bank of Canada Reaffirms “Outperform” Rating for First Horizon (NYSE:FHN)

First Horizon (NYSE:FHN)‘s stock had its “outperform” rating reiterated by equities research analysts at Royal Bank of Canada in a research note issued on Monday, Marketbeat reports. They presently have a $24.00 target price on the financial services provider’s stock, up from their prior target price of $22.00. Royal Bank of Canada’s target price indicates a potential upside of 18.26% from the stock’s previous close.

A number of other research firms have also recently commented on FHN. Truist Financial began coverage on shares of First Horizon in a report on Tuesday, May 13th. They issued a “hold” rating and a $21.00 price target on the stock. Raymond James reduced their price objective on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Barclays reduced their price objective on shares of First Horizon from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on shares of First Horizon from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of First Horizon from $24.00 to $22.00 and set a “market perform” rating for the company in a research note on Thursday, April 17th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $22.53.

First Horizon Trading Up 0.2%

NYSE:FHN opened at $20.30 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.29 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 1.19 and a beta of 0.61. The firm’s 50 day moving average is $18.71 and its 200 day moving average is $19.88. First Horizon has a 12 month low of $14.09 and a 12 month high of $22.44.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Stratos Wealth Partners LTD. purchased a new position in First Horizon in the fourth quarter worth $217,000. Bleakley Financial Group LLC grew its position in First Horizon by 4.0% in the fourth quarter. Bleakley Financial Group LLC now owns 30,638 shares of the financial services provider’s stock worth $617,000 after acquiring an additional 1,186 shares in the last quarter. Apollon Wealth Management LLC grew its position in First Horizon by 2.9% in the fourth quarter. Apollon Wealth Management LLC now owns 54,778 shares of the financial services provider’s stock worth $1,103,000 after acquiring an additional 1,521 shares in the last quarter. Salzhauer Michael grew its position in First Horizon by 10.7% in the fourth quarter. Salzhauer Michael now owns 258,618 shares of the financial services provider’s stock worth $5,209,000 after acquiring an additional 25,000 shares in the last quarter. Finally, L. Roy Papp & Associates LLP bought a new stake in First Horizon in the fourth quarter worth $905,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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.