Wells Fargo & Company Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN - Get Free Report) had its target price raised by research analysts at Wells Fargo & Company from $20.00 to $23.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective indicates a potential upside of 4.14% from the stock's previous close.

FHN has been the subject of several other reports. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, June 22nd. Jefferies Financial Group began coverage on shares of First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective for the company. Raymond James Financial reiterated an "outperform" rating and set a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a research note on Tuesday. Royal Bank Of Canada restated an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Finally, Robert W. Baird upgraded shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target on the stock in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.97.

First Horizon Price Performance

Shares of First Horizon stock traded up $0.15 during trading hours on Thursday, reaching $22.09. The company's stock had a trading volume of 5,349,391 shares, compared to its average volume of 6,016,109. The firm has a 50 day moving average price of $20.13 and a 200-day moving average price of $19.91. First Horizon has a one year low of $14.34 and a one year 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 cap of $11.20 billion, a P/E ratio of 15.34, a P/E/G ratio of 1.13 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. The firm had revenue of $823.69 million during the quarter, compared to analysts' expectations of $825.11 million. During the same period in the previous year, the company earned $0.35 EPS. On average, analysts predict that First Horizon will post 1.67 EPS for the current year.

Hedge Funds Weigh In On First Horizon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Jones Financial Companies Lllp purchased a new position in First Horizon during the fourth quarter valued at $30,000. Steward Partners Investment Advisory LLC boosted its stake 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 buying an additional 571 shares during the period. Atria Investments Inc purchased a new position in shares of First Horizon in the fourth quarter valued at approximately $442,000. Proficio Capital Partners LLC purchased a new position in shares of First Horizon in the fourth quarter valued at approximately $2,589,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Horizon by 12.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,725 shares of the financial services provider's stock valued at $2,613,000 after purchasing an additional 14,017 shares during the period. 80.28% of the stock is owned by hedge funds and other 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.