First Horizon (NYSE:FHN) Price Target Raised to $17.50 at Evercore ISI

First Horizon (NYSE:FHN) had its target price raised by Evercore ISI from $17.00 to $17.50 in a research report report published on Thursday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the financial services provider’s stock.

A number of other brokerages also recently weighed in on FHN. Barclays started coverage on First Horizon in a report on Friday, March 8th. They issued an overweight rating and a $18.00 target price on the stock. StockNews.com downgraded First Horizon from a hold rating to a sell rating in a report on Wednesday, February 7th. Citigroup started coverage on First Horizon in a report on Friday, December 1st. They set a buy rating and a $14.00 price objective on the stock. Royal Bank of Canada reissued a sector perform rating and set a $16.00 price objective on shares of First Horizon in a report on Friday, January 19th. Finally, Raymond James raised First Horizon from an outperform rating to a strong-buy rating and raised their price objective for the company from $13.00 to $17.00 in a report on Friday, January 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $14.92.

First Horizon Trading Up 0.5 %

Shares of FHN stock opened at $15.40 on Thursday. The stock’s fifty day moving average price is $14.43 and its two-hundred day moving average price is $13.00. The company has a market cap of $8.55 billion, a PE ratio of 10.07, a P/E/G ratio of 4.28 and a beta of 0.93. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $18.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $784.20 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. During the same quarter last year, the business posted $0.51 EPS. Equities analysts predict that First Horizon will post 1.42 EPS for the current fiscal year.

First Horizon declared that its board has authorized a stock buyback program on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of First Horizon by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 56,946,272 shares of the financial services provider’s stock worth $806,359,000 after acquiring an additional 171,222 shares in the last quarter. State Street Corp raised its position in shares of First Horizon by 5.7% in the 2nd quarter. State Street Corp now owns 24,689,257 shares of the financial services provider’s stock worth $281,883,000 after acquiring an additional 1,321,075 shares in the last quarter. North Reef Capital Management LP raised its position in shares of First Horizon by 14.2% in the 4th quarter. North Reef Capital Management LP now owns 10,162,500 shares of the financial services provider’s stock worth $143,901,000 after acquiring an additional 1,262,500 shares in the last quarter. Dimensional Fund Advisors LP increased its position in First Horizon by 10.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock valued at $136,526,000 after buying an additional 883,503 shares in the last quarter. Finally, LSV Asset Management increased its position in First Horizon by 62.2% in the 4th quarter. LSV Asset Management now owns 8,898,809 shares of the financial services provider’s stock valued at $126,007,000 after buying an additional 3,411,600 shares in the last quarter. 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.