First Horizon (NYSE:FHN) Stock Price Expected to Rise, Evercore ISI Analyst Says

by · The Markets Daily

First Horizon (NYSE:FHN – Get Free Report) had its target price hoisted by research analysts at Evercore ISI from $18.00 to $20.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s target price would suggest a potential upside of 11.98% from the company’s previous close.

FHN has been the topic of several other reports. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Barclays lifted their price target on shares of First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Stephens raised their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a report on Thursday, July 18th. Finally, JPMorgan Chase & Co. decreased their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.92.

View Our Latest Report on First Horizon

First Horizon Price Performance

NYSE:FHN traded up $0.57 during trading hours on Wednesday, hitting $17.86. The company’s stock had a trading volume of 1,373,712 shares, compared to its average volume of 6,550,342. The stock has a fifty day simple moving average of $16.13 and a 200-day simple moving average of $15.71. First Horizon has a twelve month low of $10.55 and a twelve month high of $17.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. The company has a market capitalization of $9.77 billion, a P/E ratio of 12.45, a PEG ratio of 1.30 and a beta of 0.88.

First Horizon (NYSE:FHN – Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the company posted $0.27 EPS. On average, analysts anticipate that First Horizon will post 1.48 EPS for the current fiscal year.

First Horizon declared that its board has authorized a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On First Horizon

Several large investors have recently modified their holdings of FHN. Vanguard Group Inc. increased its position in First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after buying an additional 627,730 shares during the last quarter. Bank of New York Mellon Corp raised its stake in First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP lifted its holdings in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Millennium Management LLC boosted its position in First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the period. Finally, LSV Asset Management increased its stake in shares of First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

(Get Free Report)

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.

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