First Horizon (NYSE:FHN) Price Target Lowered to $23.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods has reduced the price target for First Horizon (NYSE:FHN) from $24.00 to $23.00, while maintaining a "market perform" rating, suggesting a potential upside of 10.29%.
• First Horizon's stock has declined by 9.4% recently and currently trades at $20.86, with a 52-week high of $23.70 and low of $15.19.
• Despite the recent downturn, First Horizon's earnings per share for the quarter exceeded analysts' estimates, reporting $0.51 against a consensus estimate of $0.45.

First Horizon (NYSE:FHN - Get Free Report) had its price target decreased by research analysts at Keefe, Bruyette & Woods from $24.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 10.29% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. TD Cowen assumed coverage on shares of First Horizon in a research note on Thursday, September 25th. They set a "hold" rating and a $25.00 target price on the stock. Raymond James Financial set a $23.00 price objective on shares of First Horizon in a research report on Wednesday. Robert W. Baird set a $25.00 target price on shares of First Horizon in a research report on Wednesday. Cowen began coverage on shares of First Horizon in a research note on Wednesday, September 24th. They issued a "hold" rating on the stock. Finally, Royal Bank Of Canada increased their price target on shares of First Horizon from $24.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $24.82.

First Horizon Stock Down 9.4%

FHN opened at $20.86 on Thursday. The business's fifty day simple moving average is $22.44 and its 200 day simple moving average is $20.74. First Horizon has a 52 week low of $15.19 and a 52 week high of $23.70. The stock has a market cap of $10.59 billion, a PE ratio of 13.45, a P/E/G ratio of 0.96 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.06. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period in the prior year, the business posted $0.42 earnings per share. First Horizon's revenue for the quarter was up 7.4% on a year-over-year basis. As a group, research analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. Corporate insiders own 0.87% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FHN. Farther Finance Advisors LLC lifted its holdings in First Horizon by 181.3% in the 1st quarter. Farther Finance Advisors LLC now owns 7,224 shares of the financial services provider's stock valued at $138,000 after purchasing an additional 4,656 shares in the last quarter. GAMMA Investing LLC lifted its holdings in First Horizon by 42.0% in the 1st quarter. GAMMA Investing LLC now owns 12,949 shares of the financial services provider's stock valued at $251,000 after purchasing an additional 3,832 shares in the last quarter. LifeWealth Investments LLC purchased a new position in shares of First Horizon during the 1st quarter worth about $256,000. CWA Asset Management Group LLC purchased a new position in shares of First Horizon during the 1st quarter worth about $2,401,000. Finally, State of Alaska Department of Revenue lifted its holdings in shares of First Horizon by 1.6% during the 1st quarter. State of Alaska Department of Revenue now owns 61,408 shares of the financial services provider's stock worth $1,192,000 after acquiring an additional 965 shares during the period. 80.28% of the stock is currently owned by hedge funds and other 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.

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