First Horizon (NYSE:FHN) Price Target Cut to $29.00 by Analysts at Barclays

First Horizon (NYSE:FHN) had its target price decreased by analysts at Barclays from $30.00 to $29.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target suggests a potential upside of 25.41% from the company’s previous close.

Other research analysts have also recently issued reports about the company. DA Davidson increased their price target on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, January 16th. The Goldman Sachs Group set a $27.00 price target on First Horizon and gave the company a “neutral” rating in a research note on Tuesday, January 6th. UBS Group cut First Horizon from a “buy” rating to a “neutral” rating and dropped their price target for the company from $29.00 to $25.00 in a research note on Tuesday. Robert W. Baird cut First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, Raymond James Financial increased their price target on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $26.45.

First Horizon Price Performance

NYSE:FHN traded down $0.16 during trading hours on Tuesday, reaching $23.13. 1,528,380 shares of the company were exchanged, compared to its average volume of 6,180,675. The company has a market capitalization of $11.05 billion, a P/E ratio of 12.30, a P/E/G ratio of 0.88 and a beta of 0.62. First Horizon has a 1-year low of $15.86 and a 1-year 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 0.95. The business has a 50 day moving average of $23.72 and a 200 day moving average of $23.09.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. During the same period in the prior year, the company earned $0.43 earnings per share. Research analysts forecast that First Horizon will post 1.67 EPS for the current year.

Insiders Place Their Bets

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.91% of the company’s stock.

Institutional Trading of First Horizon

Large investors have recently bought and sold shares of the business. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of First Horizon by 313.2% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after buying an additional 47,119 shares during the period. First Horizon Corp acquired a new stake in shares of First Horizon in the 3rd quarter valued at about $2,361,000. Allianz Asset Management GmbH acquired a new stake in shares of First Horizon in the 3rd quarter valued at about $6,416,000. Voya Investment Management LLC grew its stake in shares of First Horizon by 301.4% in the 3rd quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after buying an additional 172,599 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of First Horizon by 18.0% in the 3rd quarter. Victory Capital Management Inc. now owns 3,233,074 shares of the financial services provider’s stock valued at $73,100,000 after buying an additional 492,888 shares during the period. 80.28% of the stock is currently 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.