JPMorgan Chase & Co. Cuts First Horizon (NYSE:FHN) Price Target to $23.00

First Horizon (NYSE:FHN) had its price objective lowered by JPMorgan Chase & Co. from $25.00 to $23.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on FHN. Truist Financial raised their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Evercore ISI lifted their price objective on First Horizon from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Wells Fargo & Company lowered their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, DA Davidson initiated coverage on First Horizon in a research report on Friday, September 26th. They issued a “neutral” rating and a $24.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.47.

First Horizon Price Performance

Shares of NYSE FHN opened at $20.28 on Thursday. The business’s 50 day moving average price is $22.39 and its 200 day moving average price is $20.75. The firm has a market cap of $10.30 billion, a P/E ratio of 12.29, a P/E/G ratio of 0.83 and a beta of 0.67. First Horizon has a 52 week low of $15.19 and a 52 week high of $23.70. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The company had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period last year, the firm posted $0.42 EPS. First Horizon’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, sell-side analysts expect that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were given a $0.15 dividend. The ex-dividend date was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. First Horizon’s payout ratio is 36.36%.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction 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 $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Norges Bank acquired a new stake in shares of First Horizon in the second quarter valued at about $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of First Horizon by 53.5% during the 1st 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 purchasing an additional 4,392,405 shares during the last quarter. William Blair Investment Management LLC purchased a new position in First Horizon in the 2nd quarter valued at about $79,776,000. Invesco Ltd. boosted its holdings in First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock worth $131,192,000 after buying an additional 2,968,012 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in First Horizon in the 1st quarter worth about $46,640,000. 80.28% of the stock is owned by hedge funds and other 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.