First Horizon (NYSE:FHN) Given New $20.00 Price Target at Royal Bank of Canada

First Horizon (NYSE:FHN) had its price objective boosted by Royal Bank of Canada from $19.00 to $20.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

FHN has been the subject of a number of other reports. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Evercore ISI lowered their price target on shares of First Horizon from $18.50 to $18.00 and set an “outperform” rating for the company in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. decreased their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $17.69.

First Horizon Stock Performance

Shares of FHN opened at $17.44 on Thursday. First Horizon has a 12-month low of $10.16 and a 12-month high of $17.68. The stock has a market cap of $9.53 billion, a P/E ratio of 12.19, a PEG ratio of 1.27 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $15.83 and a two-hundred day moving average of $15.56.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the company posted $0.27 EPS. As a group, research analysts predict that First Horizon will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.44%. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Hedge Funds Weigh In On First Horizon

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of First Horizon by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after purchasing an additional 627,730 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of First Horizon by 13.6% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after purchasing an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP lifted 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 acquiring an additional 3,470,346 shares during the period. Millennium Management LLC raised its holdings in First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management lifted its position in First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares during the period. 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.