First Horizon (NYSE:FHN) Price Target Raised to $27.00

First Horizon (NYSE:FHN) had its target price increased by Bank of America from $26.00 to $27.00 in a report released on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also commented on FHN. Keefe, Bruyette & Woods dropped their price objective on First Horizon from $24.00 to $22.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. Barclays boosted their price objective on First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $24.00 price objective (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Baird R W raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Seven research 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.28.

First Horizon Trading Up 0.5%

Shares of NYSE:FHN opened at $22.33 on Thursday. First Horizon has a 52-week low of $14.34 and a 52-week high of $22.44. The stock has a market cap of $11.33 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.10 and a beta of 0.61. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $20.56 and a 200-day moving average price of $19.99.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to analysts’ expectations of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. During the same period last year, the business earned $0.36 earnings per share. Equities analysts predict that First Horizon will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Friday, June 13th. First Horizon’s dividend payout ratio (DPR) is currently 41.67%.

Hedge Funds Weigh In On First Horizon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp purchased a new stake in shares of First Horizon in the 4th quarter valued at $30,000. Byrne Asset Management LLC raised its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after buying an additional 830 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,095 shares during the period. Compass Financial Services Inc purchased a new stake in shares of First Horizon in the 1st quarter valued at $38,000. Finally, Quarry LP raised its holdings in shares of First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,243 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.