First Horizon (NYSE:FHN) Given New $24.00 Price Target at Keefe, Bruyette & Woods

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

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group set a $25.00 target price on First Horizon and gave the stock a “buy” rating in a report on Wednesday, October 15th. Royal Bank Of Canada lifted their price objective on First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Barclays increased their target price on First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Horizon in a report on Tuesday. They issued a “buy” rating and a $28.00 target price for the company. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Horizon in a research note on Monday. 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 presently has a consensus rating of “Hold” and a consensus target price of $25.18.

First Horizon Price Performance

FHN stock opened at $23.85 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company’s fifty day moving average price is $21.88 and its 200-day moving average price is $21.81. First Horizon has a one year low of $15.19 and a one year high of $24.11. The company has a market capitalization of $11.74 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 0.92 and a beta of 0.62.

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

First Horizon Dividend Announcement

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

First Horizon declared that its board has approved a share repurchase 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 155,149 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 307,432 shares in the company, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

A number of large investors have recently bought and sold shares of FHN. Navigoe LLC purchased a new stake in First Horizon in the third quarter worth $25,000. Atlantic Union Bankshares Corp bought a new position in shares of First Horizon in the third quarter worth about $25,000. Root Financial Partners LLC purchased a new position in First Horizon in the 3rd quarter worth about $31,000. Kestra Investment Management LLC increased its stake in First Horizon by 873.1% in the 2nd 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 during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% during 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 in the last quarter. Hedge funds and other institutional investors 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.