Robert W. Baird Increases First Horizon (NYSE:FHN) Price Target to $16.00

First Horizon (NYSE:FHN) had its price target upped by Robert W. Baird from $15.00 to $16.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Robert W. Baird’s target price indicates a potential upside of 9.44% from the stock’s current price.

Several other research analysts have also recently weighed in on FHN. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Wedbush restated an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a research report on Wednesday, April 10th. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Barclays assumed coverage on shares of First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price objective for the company. Finally, Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Stock Performance

NYSE:FHN opened at $14.62 on Thursday. First Horizon has a 1 year low of $8.99 and a 1 year high of $18.99. The firm has a 50 day moving average of $14.55 and a 200-day moving average of $13.37. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $8.11 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 4.00 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. First Horizon’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that First Horizon will post 1.46 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Trust Direct Indexing L.P. grew its holdings in shares of First Horizon by 6.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after buying an additional 765 shares during the period. DMC Group LLC grew its holdings in shares of First Horizon by 27.7% in the 1st quarter. DMC Group LLC now owns 18,023 shares of the financial services provider’s stock valued at $278,000 after buying an additional 3,912 shares during the period. Norden Group LLC acquired a new position in shares of First Horizon in the 1st quarter valued at $744,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in First Horizon by 24.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock valued at $514,000 after acquiring an additional 6,500 shares in the last quarter. Finally, State of Michigan Retirement System lifted its position in First Horizon by 2.4% in the 1st quarter. State of Michigan Retirement System now owns 137,256 shares of the financial services provider’s stock valued at $2,114,000 after acquiring an additional 3,200 shares in the last quarter. Institutional investors and hedge funds 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.