Truist Financial Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

by · The Cerbat Gem

First Horizon (NYSE:FHN – Get Free Report) had its price objective raised by analysts at Truist Financial from $24.00 to $26.00 in a research note issued on Thursday, Marketbeat Ratings reports. The firm presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 7.53% from the stock’s previous close.

A number of other brokerages also recently commented on FHN. Robert W. Baird reissued a “neutral” rating and set a $25.00 price objective on shares of First Horizon in a research report on Thursday, December 11th. Barclays boosted their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Keefe, Bruyette & Woods raised their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday. National Bankshares set a $28.00 price objective on shares of First Horizon in a research report on Tuesday. Finally, Baird R W lowered First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Nine investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, First Horizon currently has an average rating of “Hold” and an average price target of $25.29.

View Our Latest Research Report on First Horizon

First Horizon Stock Up 1.3%

Shares of First Horizon stock traded up $0.31 during trading hours on Thursday, reaching $24.18. 261,461 shares of the company were exchanged, compared to its average volume of 7,987,151. The firm has a market cap of $11.91 billion, a PE ratio of 14.66, a PEG ratio of 0.92 and a beta of 0.62. 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 has a 1 year low of $15.19 and a 1 year high of $24.11. The stock’s fifty day moving average is $21.88 and its 200 day moving average is $21.81.

First Horizon (NYSE:FHN – Get Free Report) last released its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The firm had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period last year, the business posted $0.42 earnings per share. First Horizon’s revenue was up 7.4% compared to the same quarter last year. As a group, equities research analysts forecast that First Horizon will post 1.67 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a stock repurchase program on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the sale, the executive vice president owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their position. The SEC filing for this sale provides additional information. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Horizon

A number of institutional investors have recently modified their holdings of the business. Navigoe LLC acquired a new stake in First Horizon during the 3rd quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new position in First Horizon in the third quarter valued at $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon in the third quarter valued at about $31,000. Kestra Investment Management LLC boosted its stake in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

About First Horizon

(Get Free Report)

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.

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