First Horizon (NYSE:FHN) Given New $21.00 Price Target at Wells Fargo & Company

First Horizon (NYSE:FHN) had its price target upped by Wells Fargo & Company from $18.00 to $21.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

FHN has been the subject of a number of other research reports. Royal Bank of Canada upped their price objective on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Evercore ISI upped their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Barclays lifted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Raymond James upped their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.46.

First Horizon Price Performance

Shares of FHN stock opened at $20.62 on Tuesday. The firm has a market cap of $10.93 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 1.55 and a beta of 0.91. 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. The stock has a 50-day moving average price of $17.95 and a 200 day moving average price of $16.49.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The firm 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 last year, the firm earned $0.27 earnings per share. Research analysts expect that First Horizon will post 1.49 EPS for the current year.

First Horizon announced that its board has initiated a share buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

Insider Activity

In other First Horizon news, 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 sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Large investors have recently made changes to their positions in the stock. CIBC Asset Management Inc raised its position in First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 559 shares in the last quarter. Covestor Ltd raised its holdings in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the period. Access Investment Management LLC lifted its stake in First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 715 shares during the last quarter. CreativeOne Wealth LLC grew its holdings in First Horizon by 7.1% during the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 773 shares during the period. Finally, Simplicity Wealth LLC increased its position in First Horizon by 2.8% during the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after buying an additional 786 shares during the last quarter. Institutional investors and hedge funds 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.