First Horizon (NYSE:FHN) Given New $26.00 Price Target at Truist Financial

Key Points

• Truist Financial raised First Horizon’s price target to $26 from $25 while maintaining a “hold” rating, implying 13.55% potential upside. The broader analyst consensus remains “Hold,” with a $27.07 target.
• First Horizon reported quarterly EPS of $0.53, narrowly beating the $0.52 estimate, while revenue of $883 million fell short of expectations of $889.18 million.
• The stock opened at $22.90, compared with a 52-week range of $20.00 to $26.56. Institutional investors own approximately 80.28% of the company, while an executive vice president recently sold 18,313 shares.

First Horizon (NYSE:FHN - Get Free Report) had its price target lifted by research analysts at Truist Financial from $25.00 to $26.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 13.55% from the stock's current price.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, October 11th. Hovde Group started coverage on shares of First Horizon in a research note on Thursday, September 17th. They issued a "market perform" rating and a $25.00 price target for the company. Weiss Ratings reissued a "buy (b)" rating on shares of First Horizon in a report on Friday, September 4th. JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Friday. Finally, National Bank Financial set a $30.00 price objective on shares of First Horizon in a research report on Tuesday, September 8th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, First Horizon currently has a consensus rating of "Hold" and a consensus price target of $27.07.

First Horizon Price Performance

First Horizon stock opened at $22.90 on Monday. The stock has a market cap of $10.85 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 0.99 and a beta of 0.61. The company has a quick ratio of 0.91, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. The business has a 50-day simple moving average of $24.15 and a 200 day simple moving average of $24.53. First Horizon has a 52 week low of $20.00 and a 52 week high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The firm had revenue of $883.00 million for the quarter, compared to analysts' expectations of $889.18 million. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. During the same quarter last year, the firm posted $0.51 EPS. On average, research analysts forecast that First Horizon will post 2.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares of the company's stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FHN. Ancora Advisors LLC purchased a new position in shares of First Horizon during the second quarter valued at approximately $42,000. Basecamp Wealth Advisors LLC increased its position in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after buying an additional 746 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in First Horizon by 58.1% during the second quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider's stock valued at $60,000 after buying an additional 864 shares during the last quarter. Transamerica Financial Advisors LLC purchased a new position in First Horizon during the second quarter valued at $70,000. Finally, Cedar Mountain Advisors LLC bought a new stake in First Horizon in the first quarter worth $77,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Company Profile

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.

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