Truist Financial Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

Key Points

• Truist Financial has increased its price target for First Horizon (FHN) from $23.00 to $24.00, indicating a potential upside of approximately 5.68% based on the stock's prior close.
• Wells Fargo, Bank of America, and Citigroup have also raised their price targets for First Horizon, with the consensus price target now at $23.83 and a consensus rating of Moderate Buy.
• Insider trading reports show significant sales, with COO Tammy Locascio selling 10,285 shares and EVP David T. Popwell selling 100,000 shares, indicating a decrease in their ownership stakes in the company.

First Horizon (NYSE:FHN - Get Free Report) had its price objective lifted by equities researchers at Truist Financial from $23.00 to $24.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the financial services provider's stock. Truist Financial's target price points to a potential upside of 5.68% from the stock's previous close.

Other analysts also recently issued research reports about the company. Wells Fargo & Company raised their price target on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Bank of America lifted their target price on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. JPMorgan Chase & Co. lifted their target price on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Finally, Citigroup lifted their target price on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.83.

First Horizon Stock Performance

Shares of NYSE FHN traded up $0.09 during mid-day trading on Wednesday, hitting $22.71. The company had a trading volume of 3,521,911 shares, compared to its average volume of 7,197,217. The stock has a market cap of $11.53 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.08 and a beta of 0.67. First Horizon has a 12 month low of $14.82 and a 12 month high of $23.26. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The firm's 50 day simple moving average is $22.26 and its two-hundred day simple moving average is $20.34.

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 (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The business had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter last year, the business posted $0.36 EPS. As a group, equities research analysts forecast that First Horizon will post 1.67 earnings per share for the current year.

Insider Transactions at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was 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 of the company's stock, valued at $10,408,072.50. This represents a 17.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock valued at $3,322,663 in the last ninety days. Insiders own 1.04% of the company's stock.

Hedge Funds Weigh In On First Horizon

Several large investors have recently made changes to their positions in FHN. LSV Asset Management increased its stake in First Horizon by 5.0% during the second quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider's stock valued at $285,319,000 after acquiring an additional 646,060 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of First Horizon by 53.5% in the 1st 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 valued at $244,594,000 after purchasing an additional 4,392,405 shares during the period. Invesco Ltd. grew its stake in shares of First Horizon by 3.8% in the 2nd quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider's stock valued at $148,632,000 after purchasing an additional 255,429 shares during the period. JPMorgan Chase & Co. grew its stake in shares of First Horizon by 45.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider's stock valued at $142,855,000 after purchasing an additional 2,091,865 shares during the period. Finally, Norges Bank bought a new stake in shares of First Horizon in the 2nd quarter valued at approximately $131,399,000. Institutional investors and hedge funds own 80.28% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.