First Horizon (NYSE:FHN) Price Target Cut to $26.00 by Analysts at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its price target cut by JPMorgan Chase & Co. from $28.00 to $26.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on FHN. Barclays lifted their target price on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Zacks Research lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. TD Cowen raised their price target on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the company a “neutral” rating in a research report on Tuesday, January 6th. Finally, Raymond James Financial increased their target price on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Nine investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, First Horizon has an average rating of “Hold” and an average target price of $26.71.

First Horizon Trading Up 1.0%

Shares of First Horizon stock opened at $22.99 on Wednesday. First Horizon has a 12-month low of $15.19 and a 12-month high of $26.56. The stock has a market capitalization of $10.98 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 0.86 and a beta of 0.62. The company has a 50-day simple moving average of $23.78 and a 200 day simple moving average of $23.08. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million for 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 period in the previous year, the business earned $0.43 earnings per share. Research analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were given a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date was Friday, March 13th. This represents a $0.68 annualized dividend and a yield of 3.0%. First Horizon’s dividend payout ratio is presently 36.17%.

Insider Transactions at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.91% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the company. Navigoe LLC bought a new position in First Horizon in the third quarter valued at about $25,000. Atlantic Union Bankshares Corp acquired a new stake in First Horizon in the third quarter worth about $25,000. Root Financial Partners LLC bought a new stake in First Horizon during the 3rd quarter worth about $31,000. Kestra Investment Management LLC lifted its position in 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 position 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 valued at $35,000 after purchasing an additional 1,095 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Company Profile

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.