Truist Financial Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target increased by Truist Financial from $23.00 to $24.00 in a report released on Wednesday,Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

Several other equities analysts also recently commented on FHN. Royal Bank Of Canada reiterated an “outperform” rating and set a $24.00 price target (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 target price (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. JPMorgan Chase & Co. increased their price target on First Horizon from $19.50 to $22.50 and gave the stock a “neutral” rating in a report on Tuesday, July 1st. Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Finally, Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.83.

First Horizon Stock Performance

NYSE FHN opened at $22.80 on Wednesday. The business’s 50 day moving average price is $22.28 and its 200-day moving average price is $20.36. First Horizon has a fifty-two week low of $14.82 and a fifty-two week high of $23.26. The company has a market cap of $11.58 billion, a P/E ratio of 14.71, a P/E/G ratio of 1.06 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same period in the previous year, the firm earned $0.36 earnings per share. Sell-side analysts predict that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. First Horizon’s payout ratio is currently 38.71%.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the firm’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Horizon

Large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of First Horizon in the 2nd quarter valued at about $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Horizon by 53.5% during 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 valued at $244,594,000 after acquiring an additional 4,392,405 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in First Horizon in the second quarter valued at approximately $79,776,000. Invesco Ltd. grew its holdings in First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock worth $131,192,000 after purchasing an additional 2,968,012 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of First Horizon during the first quarter worth $46,640,000. 80.28% of the stock is currently owned by institutional investors.

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.