First Horizon (NYSE:FHN) Stock Price Target Lowered at Wells Fargo & Company

Key Points

• Wells Fargo lowered First Horizon’s price target from $28 to $25 while maintaining an “equal weight” rating, implying approximately 8.1% upside from the stock’s $23.13 price.
• Analyst sentiment is mixed, with a consensus “Hold” rating from 22 analysts and an average price target of $27.17; nine analysts rate the stock a Buy, 12 a Hold, and one a Sell.
• First Horizon exceeded quarterly expectations, reporting $0.54 in earnings per share versus a $0.52 estimate and $887 million in revenue, while institutional investors own 80.28% of the company.

First Horizon (NYSE:FHN - Get Free Report) had its target price decreased by analysts at Wells Fargo & Company from $28.00 to $25.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective points to a potential upside of 8.07% from the company's current price.

FHN has been the topic of several other reports. Weiss Ratings reissued a "buy (b)" rating on shares of First Horizon in a research note on Friday, September 4th. Citigroup dropped their price target on First Horizon from $28.50 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Truist Financial boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Finally, UBS Group reiterated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Nine 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. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $27.17.

First Horizon Price Performance

NYSE FHN traded up $0.03 during trading on Wednesday, reaching $23.13. The company's stock had a trading volume of 345,372 shares, compared to its average volume of 5,310,610. The stock has a market capitalization of $10.96 billion, a PE ratio of 11.06, a P/E/G ratio of 0.93 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a fifty day moving average of $24.84 and a 200 day moving average of $24.44. First Horizon has a one year low of $19.80 and a one year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to analysts' expectations of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the prior year, the business earned $0.45 earnings per share. Analysts expect that First Horizon will post 2.15 EPS for the current fiscal year.

Insider Activity at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The shares were 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 owned 340,368 shares of the company's stock, 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 the SEC website. 0.91% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

A number of institutional investors and hedge funds have recently modified their holdings of FHN. QRG Capital Management Inc. purchased a new position in First Horizon during the second quarter valued at $261,000. Sequoia Financial Advisors LLC lifted its holdings in shares of First Horizon by 18.6% in the second quarter. Sequoia Financial Advisors LLC now owns 29,393 shares of the financial services provider's stock worth $754,000 after buying an additional 4,610 shares in the last quarter. Tidal Investments LLC boosted its position in shares of First Horizon by 232.0% during the second quarter. Tidal Investments LLC now owns 128,311 shares of the financial services provider's stock worth $3,290,000 after acquiring an additional 89,660 shares during the last quarter. Van Hulzen Asset Management LLC grew its stake in First Horizon by 4.7% during the second quarter. Van Hulzen Asset Management LLC now owns 31,360 shares of the financial services provider's stock valued at $804,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in First Horizon by 6.9% during the second quarter. Integrated Wealth Concepts LLC now owns 21,396 shares of the financial services provider's stock valued at $549,000 after acquiring an additional 1,385 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Company Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.

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