First Horizon (NYSE:FHN) Price Target Raised to $22.00 at Wells Fargo & Company

First Horizon (NYSE:FHN) had its target price upped by equities research analysts at Wells Fargo & Company from $21.00 to $22.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 3.29% from the stock’s current price.

Several other analysts also recently issued reports on FHN. Evercore ISI upped their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. 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 report on Wednesday, December 11th. UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price for the company. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, Keefe, Bruyette & Woods lifted their target price on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $21.42.

First Horizon Trading Down 0.4 %

Shares of NYSE FHN opened at $21.30 on Friday. The business has a fifty day simple moving average of $20.39 and a 200-day simple moving average of $17.64. The company has a market cap of $11.29 billion, a price-to-earnings ratio of 15.43, a P/E/G ratio of 1.36 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 quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. 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 earned $0.32 EPS. Sell-side analysts predict that First Horizon will post 1.5 EPS for the current year.

First Horizon announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FHN. American Century Companies Inc. boosted its holdings in First Horizon by 2.3% in the 2nd quarter. American Century Companies Inc. now owns 239,193 shares of the financial services provider’s stock valued at $3,772,000 after purchasing an additional 5,469 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of First Horizon in the second quarter valued at approximately $159,000. Envestnet Asset Management Inc. increased its position in shares of First Horizon by 5.9% in the second quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock worth $1,909,000 after purchasing an additional 6,696 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in First Horizon by 9.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 2,143 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of First Horizon by 11.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 73,396 shares of the financial services provider’s stock worth $1,115,000 after acquiring an additional 7,436 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

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.