First Horizon (NYSE:FHN) Price Target Raised to $24.00

First Horizon (NYSE:FHN) had its price target upped by research analysts at Bank of America from $23.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s target price would indicate a potential upside of 40.58% from the stock’s current price.

FHN has been the subject of several other research reports. Citigroup boosted their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, February 28th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday, April 8th. Stephens restated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. raised their target price on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $22.03.

First Horizon Trading Down 1.2 %

FHN opened at $17.07 on Thursday. The stock has a market capitalization of $8.78 billion, a PE ratio of 12.55, a P/E/G ratio of 1.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon has a 12-month low of $14.09 and a 12-month high of $22.44. The firm’s fifty day moving average price is $19.22 and its 200 day moving average price is $19.50.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The firm had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, research analysts expect that First Horizon will post 1.67 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Horizon

A number of institutional investors and hedge funds have recently modified their holdings of FHN. Versant Capital Management Inc grew its position in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of First Horizon in the 4th quarter valued at about $30,000. Byrne Asset Management LLC lifted its position in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock worth $30,000 after buying an additional 830 shares in the last quarter. Kentucky Trust Co acquired a new stake in shares of First Horizon during the 4th quarter valued at $32,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of First Horizon during the 4th quarter valued at $50,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.