Royal Bank of Canada Has Lowered Expectations for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN - Free Report) had its price objective reduced by Royal Bank of Canada from $24.00 to $22.00 in a report issued on Thursday,Benzinga reports. They currently have an outperform rating on the financial services provider's stock.

Other equities analysts have also issued research reports about the company. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Bank of America upped their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods dropped their price target on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Barclays cut their price target on First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup lifted their price objective on First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Six analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.03.

First Horizon Trading Up 2.7 %

Shares of NYSE:FHN traded up $0.46 on Thursday, hitting $17.06. The company had a trading volume of 7,720,806 shares, compared to its average volume of 6,330,252. The firm's 50-day simple moving average is $19.11 and its two-hundred day simple moving average is $19.57. The firm has a market capitalization of $8.77 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 1.19 and a beta of 0.60. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon has a 1 year low of $14.09 and a 1 year high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The business had revenue of $823.69 million during the quarter, compared to analyst estimates of $825.11 million. During the same period last year, the business posted $0.35 earnings per share. Equities analysts anticipate that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.52%. First Horizon's dividend payout ratio is presently 41.67%.

Insider Activity

In other news, CEO D Bryan Jordan sold 109,980 shares of the company's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company's stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.87% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FHN. Versant Capital Management Inc raised its holdings in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock worth $29,000 after purchasing an additional 884 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of First Horizon during the 4th quarter valued at about $30,000. Byrne Asset Management LLC grew its stake in shares of First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares during the period. Kentucky Trust Co purchased a new stake in First Horizon in the 4th quarter worth approximately $32,000. Finally, Lee Danner & Bass Inc. bought a new stake in First Horizon during the 4th quarter worth approximately $50,000. 80.28% of the stock is currently owned by 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.