Bank of America Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN - Free Report) had its target price lifted by Bank of America from $26.00 to $27.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the financial services provider's stock.

A number of other equities research analysts have also recently issued reports on FHN. JPMorgan Chase & Co. upped their target price on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Wells Fargo & Company raised their target price on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Finally, Robert W. Baird upgraded First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective for the company in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, First Horizon has an average rating of "Moderate Buy" and an average price target of $23.28.

First Horizon Trading Up 2.5%

FHN stock traded up $0.54 during mid-day trading on Thursday, reaching $22.20. 10,368,049 shares of the stock traded hands, compared to its average volume of 5,977,143. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon has a 52-week low of $14.34 and a 52-week high of $22.44. The company has a market cap of $11.26 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.08 and a beta of 0.61. The stock's fifty day moving average is $20.50 and its 200-day moving average is $19.97.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same period in the prior year, the firm earned $0.36 earnings per share. As a group, sell-side analysts expect that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.70%. First Horizon's dividend payout ratio is currently 41.67%.

Institutional Trading of First Horizon

Several institutional investors and hedge funds have recently modified their holdings of FHN. Jones Financial Companies Lllp acquired a new position in First Horizon in the 4th quarter worth about $30,000. Byrne Asset Management LLC increased its holdings in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Compass Financial Services Inc acquired a new position in First Horizon in the 1st quarter worth about $38,000. Finally, Quarry LP increased its holdings in First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after purchasing an additional 1,243 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

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.