First Horizon (NYSE:FHN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

First Horizon (NYSE:FHN) had its target price upped by equities researchers at JPMorgan Chase & Co. from $23.00 to $27.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 13.23% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Evercore ISI reaffirmed an “in-line” rating and issued a $20.00 target price (down from $26.00) on shares of First Horizon in a report on Thursday, October 16th. National Bankshares set a $28.00 price target on First Horizon in a research report on Tuesday. Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, Baird R W downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Nine research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $25.18.

First Horizon Price Performance

Shares of NYSE:FHN opened at $23.85 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $11.74 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 0.92 and a beta of 0.62. The stock’s fifty day simple moving average is $21.88 and its two-hundred day simple moving average is $21.81. First Horizon has a 1-year low of $15.19 and a 1-year high of $24.11.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. The firm had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. As a group, analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon declared that its board has authorized a stock repurchase program on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the sale, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Navigoe LLC bought a new stake in First Horizon during the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of First Horizon in the third quarter valued at $25,000. Root Financial Partners LLC bought a new stake in shares of First Horizon during the 3rd quarter valued at $31,000. Kestra Investment Management LLC raised its stake in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. 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.