JPMorgan Chase & Co. Cuts First Horizon (NYSE:FHN) Price Target to $22.50

First Horizon (NYSE:FHN) had its price target cut by research analysts at JPMorgan Chase & Co. from $23.00 to $22.50 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.96% from the company’s current price.

FHN has been the subject of several other reports. Stephens boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Royal Bank of Canada upped their price objective on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group lifted their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Barclays increased their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.35.

First Horizon Trading Up 0.9 %

Shares of First Horizon stock opened at $20.65 on Tuesday. The company’s 50-day moving average price is $20.07 and its 200-day moving average price is $17.42. The company has a market cap of $10.95 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 1.51 and a beta of 0.92. First Horizon has a 12-month low of $12.95 and a 12-month high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the prior year, the company posted $0.27 EPS. On average, equities analysts expect that First Horizon will post 1.49 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a stock repurchase 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 purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

Several large investors have recently bought and sold shares of the company. Millennium Management LLC lifted its position in First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of First Horizon during the second quarter valued at approximately $66,779,000. State Street Corp boosted its position in shares of First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after purchasing an additional 4,116,486 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after buying an additional 3,470,346 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in First Horizon during the 3rd quarter valued at approximately $39,242,000. 80.28% of the stock is owned by institutional investors.

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.