Robert W. Baird Boosts First Horizon (NYSE:FHN) Price Target to $16.00

First Horizon (NYSE:FHN) had its target price upped by Robert W. Baird from $15.00 to $16.00 in a research report report published on Thursday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also recently weighed in on FHN. Raymond James upgraded First Horizon from an outperform rating to a strong-buy rating and boosted their price objective for the company from $13.00 to $17.00 in a research note on Friday, January 5th. Wedbush reiterated an outperform rating and issued a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. Evercore ISI boosted their price objective on First Horizon from $17.00 to $17.50 and gave the company an outperform rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $16.00 to $17.50 and gave the company a neutral rating in a research note on Thursday, April 4th. Finally, Keefe, Bruyette & Woods raised First Horizon from a market perform rating to an outperform rating and boosted their target price for the company from $16.00 to $18.00 in a report on Friday, April 5th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $16.15.

First Horizon Price Performance

FHN stock opened at $14.63 on Thursday. The business has a 50 day moving average price of $14.55 and a 200 day moving average price of $13.39. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 3.93 and a beta of 0.94. First Horizon has a fifty-two week low of $8.99 and a fifty-two week high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year. Equities research analysts anticipate that First Horizon will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio is presently 41.96%.

First Horizon declared that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of First Horizon

A number of institutional investors have recently bought and sold shares of FHN. Private Advisor Group LLC boosted its position in First Horizon by 15.6% during the first quarter. Private Advisor Group LLC now owns 29,962 shares of the financial services provider’s stock worth $704,000 after purchasing an additional 4,036 shares in the last quarter. Panagora Asset Management Inc. boosted its position in First Horizon by 22.9% during the first quarter. Panagora Asset Management Inc. now owns 17,303 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 3,224 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in First Horizon by 10.8% during the first quarter. Great West Life Assurance Co. Can now owns 310,733 shares of the financial services provider’s stock worth $7,507,000 after purchasing an additional 30,189 shares in the last quarter. Blair William & Co. IL boosted its position in First Horizon by 2.1% during the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 575 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in First Horizon by 3,619.3% during the first quarter. Allianz Asset Management GmbH now owns 1,003,120 shares of the financial services provider’s stock worth $23,563,000 after purchasing an additional 976,149 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other 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.