First Horizon (NYSE:FHN) Price Target Raised to $23.00

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

Several other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. upped their target price on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Wells Fargo & Company upped their target price on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research report on Thursday. Barclays upped their target price on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday. Keefe, Bruyette & Woods cut their target price on 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. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 target price (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.09.

First Horizon Stock Down 1.1%

Shares of FHN stock traded down $0.24 during trading hours on Friday, reaching $21.87. 3,853,603 shares of the company's stock were exchanged, compared to its average volume of 5,993,381. The stock's 50 day moving average is $20.27 and its 200-day moving average is $19.93. The company has a market cap of $11.09 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 1.13 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. First Horizon has a fifty-two week low of $14.34 and a fifty-two week high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (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 the consensus estimate of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same period in the prior year, the firm posted $0.35 earnings per share. Analysts predict that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Friday, June 13th. First Horizon's payout ratio is currently 41.67%.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently modified their holdings of the company. Exchange Traded Concepts LLC purchased a new stake in shares of First Horizon during the 2nd quarter worth about $4,694,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of First Horizon by 2.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 145,923 shares of the financial services provider's stock worth $3,212,000 after acquiring an additional 4,068 shares in the last quarter. Atticus Wealth Management LLC purchased a new stake in shares of First Horizon during the 2nd quarter worth about $98,000. Wedmont Private Capital boosted its stake in shares of First Horizon by 8.0% during the 2nd quarter. Wedmont Private Capital now owns 43,548 shares of the financial services provider's stock worth $955,000 after acquiring an additional 3,244 shares in the last quarter. Finally, Radnor Capital Management LLC boosted its stake in shares of First Horizon by 4.3% during the 2nd quarter. Radnor Capital Management LLC now owns 30,925 shares of the financial services provider's stock worth $656,000 after acquiring an additional 1,275 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.