Truist Financial Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN - Free Report) had its price objective lifted by Truist Financial from $21.00 to $23.00 in a report released on Friday morning,Benzinga reports. They currently have a hold rating on the financial services provider's stock.

A number of other equities analysts have also issued reports on FHN. Keefe, Bruyette & Woods lowered their target price on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, June 22nd. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 target price for the company in a report on Monday, April 7th. Bank of America increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. boosted their price target on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.09.

First Horizon Stock Up 0.5%

NYSE:FHN traded up $0.11 during midday trading on Friday, hitting $21.97. 7,509,644 shares of the company were exchanged, compared to its average volume of 5,998,302. First Horizon has a fifty-two week low of $14.34 and a fifty-two week high of $22.44. The company has a market capitalization of $11.14 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 1.11 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.20. The company has a fifty day simple moving average of $20.27 and a 200 day simple moving average of $19.93.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. The business had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same quarter in the previous year, the firm earned $0.35 earnings per share. As a group, equities analysts anticipate that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Friday, June 13th. First Horizon's dividend payout ratio (DPR) is 41.67%.

Institutional Investors Weigh In On First Horizon

Institutional investors and hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp purchased a new position in shares of First Horizon during the 4th quarter worth approximately $30,000. Steward Partners Investment Advisory LLC raised its stake in First Horizon by 3.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock worth $317,000 after purchasing an additional 571 shares during the period. Atria Investments Inc acquired a new position in First Horizon in the fourth quarter valued at $442,000. Proficio Capital Partners LLC purchased a new stake in shares of First Horizon during the 4th quarter worth about $2,589,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of First Horizon by 12.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,725 shares of the financial services provider's stock worth $2,613,000 after acquiring an additional 14,017 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

About First Horizon

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.