First Horizon Corporation (NYSE:FHN) Stock Has Consensus Target Price of $27.07 According to Brokerages

Key Points

• Analysts have a consensus “Hold” rating on First Horizon, with 12 hold, eight buy and one sell recommendation. The average 12-month price target is $27.07, compared with the stock’s reported price of $23.65.
• First Horizon reported quarterly EPS of $0.53, slightly exceeding the $0.52 analyst consensus, while revenue of $883 million came in below expectations. Analysts project full-year EPS of $2.14.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.9% yield. Institutional investors own 80.28% of the stock, while an executive recently sold 18,313 shares.

Shares of First Horizon Corporation (NYSE:FHN - Get Free Report) have been assigned an average rating of "Hold" from the twenty-one brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $27.07.

A number of research firms recently commented on FHN. JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $27.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, October 16th. Citigroup decreased their target price on First Horizon from $28.50 to $28.00 and set a "buy" rating for the company in a report on Tuesday, September 22nd. National Bank Financial set a $30.00 price target on First Horizon in a research note on Tuesday, September 8th. Morgan Stanley set a $31.00 price target on shares of First Horizon in a report on Friday, October 16th. Finally, Raymond James Financial reduced their price objective on shares of First Horizon from $28.00 to $27.00 and set an "outperform" rating on the stock in a research report on Friday, October 16th.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction on 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 transaction, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.91% of the company's stock.

Institutional Investors Weigh In On First Horizon

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHN. BlackRock Inc. bought a new position in shares of First Horizon during the second quarter valued at approximately $1,505,239,000. Bank of New York Mellon Corp bought a new stake in shares of First Horizon in the 2nd quarter valued at about $747,445,000. William Blair Investment Management LLC purchased a new stake in First Horizon during the second quarter worth $123,283,000. Bank of America Corp DE purchased a new stake in First Horizon during the second quarter worth $96,739,000. Finally, Sculptor Capital LP bought a new stake in First Horizon during the 2nd quarter valued at $84,612,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 1.6%

NYSE FHN opened at $23.65 on Tuesday. 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 stock's 50-day simple moving average is $23.69 and its two-hundred day simple moving average is $24.28. First Horizon has a twelve month low of $20.40 and a twelve month high of $26.56. The company has a market capitalization of $11.20 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 0.96 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.01. The firm had revenue of $883.00 million during 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 period in the prior year, the business earned $0.51 EPS. Research analysts forecast that First Horizon will post 2.14 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Friday, December 11th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, December 11th. First Horizon's dividend payout ratio is presently 48.92%.

About First Horizon

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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