Wells Fargo & Company Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN) had its price target hoisted by stock analysts at Wells Fargo & Company from $23.00 to $25.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.96% from the stock’s previous close.

FHN has been the subject of several other research reports. Zacks Research cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Weiss Ratings lowered First Horizon from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, March 17th. Deutsche Bank Aktiengesellschaft assumed coverage on First Horizon in a research note on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price objective on the stock. TD Cowen lifted their target price on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, January 16th. Finally, National Bank Financial set a $27.00 target price on First Horizon in a research note on Friday, January 16th. Nine equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.76.

First Horizon Stock Up 3.1%

Shares of NYSE:FHN opened at $22.74 on Monday. 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 has a market capitalization of $10.86 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 0.83 and a beta of 0.61. The firm’s 50-day moving average is $23.82 and its two-hundred day moving average is $23.08. First Horizon has a 1 year low of $15.19 and a 1 year high of $26.56.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter last year, the firm posted $0.43 earnings per share. Analysts predict that First Horizon will post 1.67 EPS for the current year.

Insider Activity

In related news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.91% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Thoroughbred Financial Services LLC raised its position in shares of First Horizon by 3.4% during the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in First Horizon by 0.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock valued at $1,641,000 after purchasing an additional 489 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in First Horizon by 1.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after purchasing an additional 507 shares during the last quarter. Aaron Wealth Advisors LLC raised its holdings in First Horizon by 5.4% during the fourth quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 511 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of First Horizon by 3.5% during the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock worth $378,000 after buying an additional 537 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.