First Horizon (NYSE:FHN) Given New $27.00 Price Target at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its target price hoisted by JPMorgan Chase & Co. from $23.00 to $27.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

FHN has been the subject of a number of other research reports. Keefe, Bruyette & Woods decreased their price objective on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft assumed coverage on First Horizon in a report on Tuesday. They issued a “buy” rating and a $28.00 price target for the company. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Citigroup upped their target price on First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Finally, Wells Fargo & Company decreased their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 16th. Nine research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.12.

First Horizon Trading Down 0.3%

First Horizon stock opened at $23.67 on Tuesday. The firm has a market cap of $11.65 billion, a PE ratio of 14.34, a P/E/G ratio of 0.92 and a beta of 0.62. First Horizon has a 12 month low of $15.19 and a 12 month high of $24.11. The stock’s 50 day simple moving average is $21.86 and its two-hundred day simple moving average is $21.79. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. The firm had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period in the previous year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 7.4% on a year-over-year basis. Analysts anticipate that First Horizon will post 1.67 earnings per share for the current year.

First Horizon announced that its Board of Directors has approved a stock buyback program on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. First Horizon’s payout ratio is currently 36.36%.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president owned 307,432 shares in the company, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. 1.04% of the stock is currently owned by corporate insiders.

Institutional Trading of First Horizon

Large investors have recently bought and sold shares of the business. Wellington Shields Capital Management LLC lifted its stake in First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 514 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of First Horizon by 1.0% in the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock valued at $1,175,000 after purchasing an additional 575 shares during the last quarter. AMG National Trust Bank increased its holdings in shares of First Horizon by 0.6% in the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock valued at $2,314,000 after purchasing an additional 575 shares during the last quarter. Inspire Investing LLC lifted its position in First Horizon by 3.5% during the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after buying an additional 624 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after buying an additional 635 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.