First Horizon (NYSE:FHN) Given New $23.00 Price Target at JPMorgan Chase & Co.

Key Points

• First Horizon's price target was reduced by JPMorgan Chase & Co. from $25.00 to $23.00, indicating a "neutral" rating from the broker.
• Shares of First Horizon opened at $20.86, reflecting a decline of 9.4% amid ongoing concerns in the banking sector.
• Insiders have sold a total of 148,295 shares of First Horizon stock over the past 90 days, indicating potential confidence issues among executives.

First Horizon (NYSE:FHN - Get Free Report) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $25.00 to $23.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 10.29% from the stock's current price.

Several other brokerages have also weighed in on FHN. Barclays increased their price objective on shares of First Horizon from $26.00 to $29.00 and gave the company an "overweight" rating in a research report on Wednesday, October 8th. Cowen initiated coverage on shares of First Horizon in a report on Wednesday, September 24th. They set a "hold" rating on the stock. Robert W. Baird set a $25.00 price objective on shares of First Horizon in a report on Wednesday. Wells Fargo & Company set a $23.00 price target on shares of First Horizon in a research report on Thursday. Finally, TD Cowen began coverage on First Horizon in a research report on Thursday, September 25th. They issued a "hold" rating and a $25.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.82.

First Horizon Trading Down 9.4%

Shares of NYSE:FHN opened at $20.86 on Thursday. First Horizon has a 1-year low of $15.19 and a 1-year high of $23.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market capitalization of $10.59 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 0.96 and a beta of 0.67. The company has a 50 day moving average price of $22.44 and a 200 day moving average price of $20.74.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. The firm had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. On average, research analysts anticipate that First Horizon will post 1.67 EPS for the current fiscal year.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock valued at $3,322,663 over the last 90 days. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of First Horizon in the second quarter valued at approximately $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock valued at $244,594,000 after buying an additional 4,392,405 shares in the last quarter. William Blair Investment Management LLC acquired a new position in First Horizon in the 2nd quarter worth $79,776,000. Invesco Ltd. boosted its stake in First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after purchasing an additional 2,968,012 shares during the period. Finally, Nuveen LLC acquired a new position in shares of First Horizon during the 1st quarter worth about $46,640,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Company Profile

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.

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