Raymond James Financial Reaffirms "Outperform" Rating for First Horizon (NYSE:FHN)

First Horizon (NYSE:FHN - Get Free Report)'s stock had its "outperform" rating reissued by research analysts at Raymond James Financial in a research report issued on Tuesday,Benzinga reports. They currently have a $24.00 price objective on the financial services provider's stock, up from their previous price objective of $20.00. Raymond James Financial's price objective suggests a potential upside of 9.31% from the company's current price.

Several other brokerages have also recently issued reports on FHN. Barclays dropped their target price on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group initiated coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 target price for the company. Keefe, Bruyette & Woods dropped their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Robert W. Baird upgraded First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target for the company in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.09.

First Horizon Price Performance

NYSE FHN traded down $0.15 during mid-day trading on Tuesday, hitting $21.96. The stock had a trading volume of 2,323,867 shares, compared to its average volume of 6,001,968. The firm's 50 day moving average is $20.21 and its 200 day moving average is $19.92. First Horizon has a twelve month low of $14.34 and a twelve month high of $22.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $11.14 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 1.13 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same period in the prior year, the business earned $0.35 EPS. Equities research analysts forecast that First Horizon will post 1.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new stake in shares of First Horizon in the fourth quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC raised its holdings in First Horizon by 3.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock worth $317,000 after purchasing an additional 571 shares during the last quarter. Atria Investments Inc acquired a new position in First Horizon during the fourth quarter worth $442,000. Proficio Capital Partners LLC acquired a new position in First Horizon during the fourth quarter worth $2,589,000. Finally, Callan Family Office LLC acquired a new position in First Horizon during the fourth quarter worth $338,000. Institutional investors and hedge funds own 80.28% of the company's stock.

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.