Keefe, Bruyette & Woods Cuts First Horizon (NYSE:FHN) Price Target to $23.00

First Horizon (NYSE:FHN) had its price objective decreased by Keefe, Bruyette & Woods from $24.00 to $23.00 in a research report released on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

FHN has been the topic of several other reports. Jefferies Financial Group set a $25.00 target price on First Horizon and gave the company a “buy” rating in a research note on Wednesday. Citigroup upped their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Royal Bank Of Canada increased their target price on shares of First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Barclays boosted their price target on shares of First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Finally, Evercore ISI raised their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and an average price target of $24.47.

First Horizon Stock Up 1.7%

FHN opened at $20.28 on Thursday. First Horizon has a twelve month low of $15.19 and a twelve month high of $23.70. The company’s 50-day moving average price is $22.39 and its two-hundred day moving average price is $20.75. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 0.83 and a beta of 0.67. 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 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 for the quarter, compared to analysts’ expectations of $848.08 million. During the same quarter in the previous year, the firm posted $0.42 EPS. First Horizon’s revenue was up 7.4% on a year-over-year basis. As a group, equities analysts expect that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio (DPR) is 36.36%.

Insider Buying and Selling

In related news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Navigoe LLC bought a new position in shares of First Horizon in the third quarter worth $25,000. Kestra Investment Management LLC grew its position in First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in 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 worth $35,000 after acquiring an additional 1,095 shares during the last quarter. Compass Financial Services Inc purchased a new stake in shares of First Horizon in the 1st quarter valued at about $38,000. Finally, Allworth Financial LP boosted its position in shares of First Horizon by 57.9% during the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 757 shares during the last quarter. 80.28% of the stock is currently 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.