First Horizon (NYSE:FHN) Price Target Lowered to $29.00 at Barclays

First Horizon (NYSE:FHN) had its price target trimmed by Barclays from $30.00 to $29.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the company. Robert W. Baird cut First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of First Horizon in a research report on Monday, January 12th. TD Cowen lifted their target price on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Friday, January 16th. DA Davidson lifted their target price on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Finally, Citigroup lifted their target price on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Eight research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $26.45.

First Horizon Stock Performance

FHN opened at $23.17 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company’s fifty day moving average price is $23.70 and its two-hundred day moving average price is $23.09. First Horizon has a 1-year low of $15.86 and a 1-year high of $26.56. The company has a market cap of $11.06 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 0.88 and a beta of 0.62.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same period last year, the firm earned $0.43 earnings per share. On average, analysts expect that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a $0.17 dividend. The ex-dividend date was Friday, March 13th. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. First Horizon’s dividend payout ratio is presently 36.17%.

Insider Activity

In related news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.91% of the company’s stock.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently made changes to their positions in FHN. Norges Bank purchased a new position in First Horizon during the fourth quarter worth about $153,942,000. Artemis Investment Management LLP purchased a new position in First Horizon during the fourth quarter worth about $90,319,000. Azora Capital LP grew its position in First Horizon by 1,020.5% during the second quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after buying an additional 2,377,300 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in First Horizon during the third quarter worth about $49,180,000. Finally, Cullen Capital Management LLC grew its position in First Horizon by 3,401.0% during the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after buying an additional 1,972,461 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.