First Horizon (NYSE:FHN) Given New $26.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target for First Horizon from $25 to $26 while keeping an “equal weight” rating; the new target implies 10.89% upside from the prior close.
• Analysts overall hold a consensus “Hold” rating, with an average price target of $27.12.
• First Horizon reported quarterly earnings of $0.53 per share, beating estimates by $0.01, while revenue of $883 million came in below analyst expectations.

First Horizon (NYSE:FHN - Get Free Report) had its target price lifted by Wells Fargo & Company from $25.00 to $26.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective points to a potential upside of 10.89% from the stock's previous close.

Several other brokerages also recently weighed in on FHN. Morgan Stanley set a $31.00 target price on First Horizon in a research report on Friday, October 16th. Raymond James Financial lowered their target price on First Horizon from $28.00 to $27.00 and set an "outperform" rating for the company in a research note on Friday, October 16th. National Bank Financial set a $30.00 target price on First Horizon in a report on Tuesday, September 8th. Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, October 11th. Finally, Truist Financial boosted their price target on First Horizon from $25.00 to $26.00 and gave the stock a "hold" rating in a research report on Monday, October 19th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $27.12.

First Horizon Price Performance

First Horizon stock opened at $23.45 on Monday. The firm has a fifty day moving average of $23.59 and a 200-day moving average of $24.27. First Horizon has a 52-week low of $20.40 and a 52-week high of $26.56. 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 firm has a market capitalization of $11.11 billion, a P/E ratio of 16.89, a PEG ratio of 0.96 and a beta of 0.62.

First Horizon (NYSE:FHN - Get Free Report) last posted its 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. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. The business had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.18 million. During the same quarter in the previous year, the business posted $0.51 EPS. As a group, analysts predict that First Horizon will post 2.14 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. William Blair Investment Management LLC grew its stake in First Horizon by 16.0% during the 3rd quarter. William Blair Investment Management LLC now owns 5,576,059 shares of the financial services provider's stock worth $128,361,000 after buying an additional 767,836 shares during the last quarter. Fisher Asset Management LLC increased its position in First Horizon by 7.1% in the third quarter. Fisher Asset Management LLC now owns 1,416,567 shares of the financial services provider's stock worth $32,609,000 after buying an additional 93,562 shares during the period. Maryland State Retirement & Pension System increased its position in First Horizon by 19.9% in the third quarter. Maryland State Retirement & Pension System now owns 29,851 shares of the financial services provider's stock worth $687,000 after buying an additional 4,949 shares during the period. Cherokee Insurance Co lifted its stake in First Horizon by 2.9% in the third quarter. Cherokee Insurance Co now owns 175,000 shares of the financial services provider's stock valued at $4,028,000 after buying an additional 5,000 shares during the last quarter. Finally, Jefferies Financial Group Inc. lifted its stake in First Horizon by 72.4% in the third quarter. Jefferies Financial Group Inc. now owns 40,000 shares of the financial services provider's stock valued at $921,000 after buying an additional 16,804 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

About First Horizon

First Horizon Corporation is a regional financial services company headquartered in Memphis, Tennessee, and the parent of First Horizon Bank. Its banking roots date to 1864, when the First National Bank of Memphis was established.

Through its banking operations, First Horizon serves consumers, businesses and institutions across the southeastern United States and Texas. Its services include consumer and commercial banking, lending, treasury and payment solutions, and wealth management.

The company also provides specialized financial services, including capital markets and fixed-income services, as well as mortgage banking.

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