JPMorgan Chase & Co. Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target lowered by stock analysts at JPMorgan Chase & Co. from $28.00 to $26.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 12.29% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. National Bank Financial set a $27.00 price target on First Horizon in a report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the company a “neutral” rating in a research note on Tuesday, January 6th. Citigroup lifted their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Stephens upped their target price on shares of First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. Nine research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $26.71.

First Horizon Price Performance

Shares of NYSE FHN opened at $23.16 on Wednesday. The stock has a market cap of $11.06 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 0.87 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The firm’s 50-day simple moving average is $23.75 and its 200 day simple moving average is $23.08.

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

Insider Transactions at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in First Horizon during the fourth quarter worth about $153,942,000. Artemis Investment Management LLP purchased a new position in First Horizon in the fourth quarter valued at about $90,319,000. Azora Capital LP grew its position in shares of First Horizon by 1,020.5% during the 2nd quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock valued at $55,337,000 after acquiring an additional 2,377,300 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of First Horizon during the 3rd quarter valued at approximately $49,180,000. Finally, Cullen Capital Management LLC increased its stake in shares of First Horizon by 3,401.0% during the 4th quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after purchasing an additional 1,972,461 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Company Profile

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.