First Horizon (NYSE:FHN) Reaches New 1-Year High After Analyst Upgrade

First Horizon Corporation (NYSE:FHN - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday after Citigroup raised their price target on the stock from $22.00 to $25.00. Citigroup currently has a buy rating on the stock. First Horizon traded as high as $22.44 and last traded at $22.31, with a volume of 212880 shares traded. The stock had previously closed at $22.21.

Other equities analysts have also recently issued reports about the company. Barclays raised their price objective on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Jefferies Financial Group assumed coverage on First Horizon in a research report on Wednesday, May 21st. They set a "buy" rating and a $25.00 target price for the company. Keefe, Bruyette & Woods decreased their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. raised 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, First Horizon presently has an average rating of "Moderate Buy" and an average target price of $23.28.

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Millennium Management LLC grew its stake in First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after purchasing an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after purchasing an additional 6,827,040 shares during the period. Norges Bank purchased a new stake in First Horizon in the fourth quarter worth $132,418,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in First Horizon by 53.5% in the first 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 worth $244,594,000 after acquiring an additional 4,392,405 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in First Horizon in the fourth quarter worth $75,485,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Up 0.4%

The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $20.50 and a 200 day simple moving average of $19.97. The firm has a market capitalization of $11.31 billion, a P/E ratio of 14.37, a P/E/G ratio of 1.08 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. The business had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same period in the previous year, the company posted $0.36 earnings per share. On average, equities analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon's dividend payout ratio is 41.67%.

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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