First Horizon (NYSE:FHN) Price Target Raised to $26.00 at Wells Fargo & Company

First Horizon (NYSE:FHN) had its price objective hoisted by Wells Fargo & Company from $25.00 to $26.00 in a report released on Monday morning, Marketbeat.com reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on FHN. Barclays reduced their target price on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. JPMorgan Chase & Co. upped their price objective on First Horizon from $26.00 to $28.50 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. DA Davidson reaffirmed a “neutral” rating and set a $26.00 price objective on shares of First Horizon in a research report on Thursday, April 16th. Finally, Fundamental Research set a $28.50 target price on First Horizon in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, First Horizon presently has an average rating of “Hold” and a consensus price target of $27.12.

First Horizon Stock Performance

Shares of First Horizon stock opened at $25.81 on Monday. The firm’s fifty day simple moving average is $24.59 and its 200-day simple moving average is $24.19. The stock has a market capitalization of $12.25 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 1.00 and a beta of 0.60. First Horizon has a 12 month low of $19.80 and a 12 month high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. During the same quarter in the prior year, the business earned $0.42 EPS. First Horizon’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, equities analysts forecast that First Horizon will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Friday, June 12th. First Horizon’s payout ratio is 34.00%.

Institutional Investors Weigh In On First Horizon

A number of hedge funds have recently added to or reduced their stakes in FHN. Basecamp Wealth Advisors LLC increased its position in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares during the period. Parallel Advisors LLC raised its stake in shares of First Horizon by 29.4% during the 1st quarter. Parallel Advisors LLC now owns 3,740 shares of the financial services provider’s stock worth $85,000 after buying an additional 850 shares in the last quarter. Carlson Capital L.P. lifted its holdings in shares of First Horizon by 98.3% in the 1st quarter. Carlson Capital L.P. now owns 57,702 shares of the financial services provider’s stock valued at $1,313,000 after buying an additional 28,602 shares during the period. Alpine Woods Capital Investors LLC acquired a new stake in shares of First Horizon in the 1st quarter valued at approximately $202,000. Finally, Summit Financial Wealth Advisors LLC boosted its stake in shares of First Horizon by 17.4% in the first quarter. Summit Financial Wealth Advisors LLC now owns 136,898 shares of the financial services provider’s stock valued at $3,116,000 after buying an additional 20,317 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.