JPMorgan Chase & Co. Lowers First Horizon (NYSE:FHN) Price Target to $27.00

Key Points

• JPMorgan Chase & Co. lowered its price target on First Horizon from $28.50 to $27.00 and kept a neutral rating on the stock.
• Even with the cut, JPMorgan’s new target still implies about 6.97% upside from the current share price, while the broader analyst consensus remains Hold with an average target of $27.15.
• First Horizon recently beat quarterly earnings and revenue estimates, but investors are still weighing concerns about rising expenses and funding-cost/deposit-mix pressure that could limit further upside.

First Horizon (NYSE:FHN - Get Free Report) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $28.50 to $27.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 6.97% from the stock's current price.

Several other research analysts also recently commented on the company. Raymond James Financial lifted their price objective on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Weiss Ratings upgraded shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. National Bank Financial set a $29.00 target price on First Horizon in a research note on Thursday. Truist Financial upped their price target on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, First Horizon presently has an average rating of "Hold" and an average target price of $27.15.

First Horizon Stock Performance

NYSE FHN traded up $0.30 on Thursday, hitting $25.24. 7,733,898 shares of the stock traded hands, compared to its average volume of 5,423,501. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The business's fifty day moving average is $24.72 and its two-hundred day moving average is $24.25. First Horizon has a 12 month low of $19.80 and a 12 month high of $26.56. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.00 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $890.00 million for the quarter, compared to analysts' expectations of $878.42 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. During the same period in the prior year, the company posted $0.45 EPS. As a group, equities analysts anticipate that First Horizon will post 2.15 EPS for the current fiscal year.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its position in shares of First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock valued at $174,000 after buying an additional 3,835 shares during the last quarter. Federated Hermes Inc. boosted its holdings in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after acquiring an additional 26,323 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon News Roundup

Here are the key news stories impacting First Horizon this week:

• Positive Sentiment: First Horizon beat Q2 estimates, with earnings and revenue both topping forecasts, helped by higher net interest income, fee income, and loan growth.
• Positive Sentiment: The company reported stronger year-over-year profitability, including net income available to common shareholders of $260 million and EPS up from last year.
• Positive Sentiment: Management and recent commentary pointed to improving earnings momentum and solid loan growth, which may support investor confidence. Article Title
• Neutral Sentiment: Despite the strong quarter, some reports noted rising expenses and weaker capital ratios, which could limit near-term upside and temper the market’s enthusiasm. Article Title
• Neutral Sentiment: One analyst note said funding-cost and deposit-mix concerns may keep upside limited even after the earnings beat. Article Title

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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