Robert W. Baird Raises First Horizon (NYSE:FHN) Price Target to $16.00

First Horizon (NYSE:FHN) had its price target lifted by Robert W. Baird from $15.00 to $16.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other analysts also recently issued reports on FHN. Royal Bank of Canada raised shares of First Horizon from a sector perform rating to an outperform rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. StockNews.com downgraded First Horizon from a hold rating to a sell rating in a research note on Wednesday, February 7th. Wells Fargo & Company lifted their target price on First Horizon from $14.00 to $16.00 and gave the company an equal weight rating in a research note on Wednesday, April 10th. Wedbush reissued an outperform rating and issued a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. Finally, Barclays initiated coverage on shares of First Horizon in a report on Friday, March 8th. They set an overweight rating and a $18.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has an average rating of Moderate Buy and an average price target of $16.15.

First Horizon Trading Up 2.5 %

NYSE:FHN opened at $14.63 on Thursday. The stock has a fifty day simple moving average of $14.55 and a 200 day simple moving average of $13.41. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 4.03 and a beta of 0.94. First Horizon has a 1-year low of $8.99 and a 1-year high of $18.99.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. Sell-side analysts forecast that First Horizon will post 1.5 earnings per share for the current year.

First Horizon declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio is presently 41.96%.

Institutional Trading of First Horizon

A number of institutional investors and hedge funds have recently made changes to their positions in FHN. Macroview Investment Management LLC bought a new position in shares of First Horizon in the 3rd quarter valued at approximately $25,000. Rise Advisors LLC acquired a new stake in shares of First Horizon in the first quarter worth $25,000. Raleigh Capital Management Inc. bought a new stake in shares of First Horizon during the 4th quarter worth $28,000. Fortitude Family Office LLC grew its stake in First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,102 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in First Horizon in the 2nd quarter worth $31,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

About First Horizon

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.