Wells Fargo & Company Boosts First Horizon (NYSE:FHN) Price Target to $16.00

First Horizon (NYSE:FHN) had its price objective upped by Wells Fargo & Company from $14.00 to $16.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of First Horizon from a hold rating to a sell rating in a research note on Wednesday, February 7th. Evercore ISI lifted their price target on First Horizon from $17.00 to $17.50 and gave the company an outperform rating in a report on Thursday, March 28th. Barclays started coverage on First Horizon in a report on Friday, March 8th. They issued an overweight rating and a $18.00 price target for the company. UBS Group upgraded First Horizon from a neutral rating to a buy rating and lifted their price target for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Finally, Keefe, Bruyette & Woods upgraded First Horizon from a market perform rating to an outperform rating and lifted their price target for the company from $16.00 to $18.00 in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $16.00.

First Horizon Trading Down 1.8 %

Shares of FHN stock opened at $14.20 on Wednesday. The firm has a 50-day moving average price of $14.51 and a 200 day moving average price of $13.26. First Horizon has a twelve month low of $8.99 and a twelve month high of $18.99. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 4.13 and a beta of 0.94. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $784.20 million. During the same quarter in the previous year, the company posted $0.51 EPS. Research analysts forecast that First Horizon will post 1.44 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a stock buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.

Institutional Trading of First Horizon

Large investors have recently bought and sold shares of the company. Macroview Investment Management LLC acquired a new stake in First Horizon in the third quarter valued at approximately $25,000. Rise Advisors LLC acquired a new stake in First Horizon in the first quarter valued at approximately $25,000. Raleigh Capital Management Inc. acquired a new stake in First Horizon in the fourth quarter valued at approximately $28,000. FNY Investment Advisers LLC grew its position in First Horizon by 241.5% in the third quarter. FNY Investment Advisers LLC now owns 2,800 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,980 shares in the last quarter. Finally, Fortitude Family Office LLC grew its position in First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,102 shares in the last quarter. 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.