First Horizon (NYSE:FHN) Upgraded by DA Davidson to “Strong-Buy” Rating

First Horizon (NYSE:FHN) was upgraded by research analysts at DA Davidson from a “hold” rating to a “strong-buy” rating in a research report issued on Friday,Zacks.com reports.

FHN has been the topic of a number of other reports. Barclays upped their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Royal Bank Of Canada upped their price objective on shares of First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. 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 research note on Thursday, October 16th. Wells Fargo & Company cut their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Finally, Deutsche Bank Aktiengesellschaft began coverage on First Horizon in a report on Tuesday. They set a “buy” rating and a $28.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.29.

First Horizon Stock Performance

First Horizon stock opened at $24.41 on Friday. First Horizon has a fifty-two week low of $15.19 and a fifty-two week high of $24.44. The company has a market capitalization of $12.02 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 0.93 and a beta of 0.62. The stock has a fifty day moving average of $21.94 and a two-hundred day moving average of $21.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. The business had revenue of $893.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The business’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 earnings per share. On average, analysts anticipate that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a share buyback plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were 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 of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.87% of the stock is owned by insiders.

Hedge Funds Weigh In On First Horizon

Several hedge funds and other institutional investors have recently modified their holdings of FHN. LSV Asset Management grew its holdings in shares of First Horizon by 5.0% during the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock worth $285,319,000 after purchasing an additional 646,060 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in First Horizon by 53.5% during the first 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 worth $244,594,000 after buying an additional 4,392,405 shares during the period. Invesco Ltd. grew its stake in First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after buying an additional 595,869 shares during the period. JPMorgan Chase & Co. increased its position in shares of First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after acquiring an additional 2,091,865 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of First Horizon in the 2nd quarter valued at $131,399,000. 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.