JPMorgan Chase & Co. Raises First Horizon (NYSE:FHN) Price Target to $25.00

Key Points

• JPMorgan Chase & Co. has raised its price target for First Horizon from $23.00 to $25.00, indicating a potential upside of 11.28% based on the stock's previous close.
• A variety of analysts have given mixed ratings on First Horizon, with one holding a "Strong Buy," ten a "Buy," and eight a "Hold," resulting in an average consensus rating of "Moderate Buy."
• First Horizon's stock recently traded down 0.6% to $22.47, with a 12-month stock range between a low of $14.82 and a high of $23.26.

First Horizon (NYSE:FHN - Get Free Report) had its price objective lifted by research analysts at JPMorgan Chase & Co. from $23.00 to $25.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 11.28% from the stock's previous close.

A number of other equities analysts have also recently issued reports on the stock. Citigroup increased their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Wells Fargo & Company upped their price target on First Horizon from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Monday. Evercore ISI upped their target price on shares of First Horizon from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Tuesday. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a report on Sunday. Finally, Cowen initiated coverage on First Horizon in a report on Wednesday, September 24th. They set a "hold" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.53.

First Horizon Stock Down 0.6%

Shares of First Horizon stock traded down $0.15 on Wednesday, hitting $22.47. 1,171,890 shares of the company traded hands, compared to its average volume of 7,235,087. First Horizon has a 12-month low of $14.82 and a 12-month high of $23.26. The company has a 50-day moving average price of $22.31 and a 200 day moving average price of $20.49. 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 market cap of $11.41 billion, a PE ratio of 14.50, a PEG ratio of 1.06 and a beta of 0.67.

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

Insider Buying and Selling

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction on Friday, July 18th. The stock was 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 $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the firm's 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 completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock worth $3,322,663 over the last three months. 1.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

A number of institutional investors have recently modified their holdings of FHN. Cambridge Investment Research Advisors Inc. grew its position in shares of First Horizon by 2.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock worth $1,496,000 after buying an additional 1,481 shares during the period. Cerity Partners LLC raised its position in shares of First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock worth $2,458,000 after purchasing an additional 22,852 shares during the period. Brown Advisory Inc. lifted its holdings in shares of First Horizon by 13.3% in the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock worth $1,341,000 after purchasing an additional 8,110 shares in the last quarter. Cary Street Partners Financial LLC increased its stake in First Horizon by 713.3% during the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock valued at $2,933,000 after purchasing an additional 132,481 shares in the last quarter. Finally, Baird Financial Group Inc. acquired a new position in First Horizon during the first quarter worth $7,506,000. 80.28% of the stock is owned by 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.

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