JPMorgan Chase & Co. Issues Pessimistic Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $27.00 to $26.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 12.68% from the company’s current price.

Several other equities analysts have also issued reports on the company. Evercore restated a “hold” rating and set a $25.00 target price on shares of First Horizon in a research report on Thursday, October 1st. Morgan Stanley set a $31.00 price target on shares of First Horizon in a research report on Friday. Raymond James Financial set a $27.00 price objective on shares of First Horizon in a research note on Friday. Truist Financial lowered their target price on shares of First Horizon from $27.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, October 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Horizon in a report on Friday, September 4th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.02.

First Horizon Trading Up 0.9%

FHN traded up $0.21 during trading on Friday, reaching $23.07. 2,733,201 shares of the company’s stock were exchanged, compared to its average volume of 5,448,802. The company’s fifty day moving average price is $24.20 and its 200-day moving average price is $24.52. The firm has a market capitalization of $10.93 billion, a PE ratio of 11.05, a P/E/G ratio of 0.97 and a beta of 0.61. First Horizon has a fifty-two week low of $20.00 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.18 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%. During the same quarter in the prior year, the business posted $0.51 EPS. As a group, equities analysts forecast that First Horizon will post 2.15 EPS for the current year.

Insider Buying and Selling at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Large investors have recently made changes to their positions in the stock. Ancora Advisors LLC bought a new stake in First Horizon during the second quarter worth $42,000. Basecamp Wealth Advisors LLC grew its position in shares of First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 746 shares during the period. Parkside Financial Bank & Trust grew its position in shares of First Horizon by 58.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 864 shares during the period. Transamerica Financial Advisors LLC bought a new position in shares of First Horizon in the 2nd quarter valued at about $70,000. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of First Horizon during the 1st quarter worth about $77,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Key First Horizon News

Here are the key news stories impacting First Horizon this week:

• Positive Sentiment: First Horizon reported third-quarter adjusted earnings of $0.53 per share, slightly above the $0.52 analyst consensus and up from $0.51 a year earlier. The result indicates that underlying operations remained resilient despite portfolio repositioning. First Horizon quarterly earnings report
• Positive Sentiment: Management announced plans to sell approximately $4.5 billion of consumer mortgages and redeploy capital toward businesses expected to provide stronger earnings and growth potential. The move could improve the company’s balance-sheet mix, liquidity and future profitability once completed. First Horizon third-quarter results and strategic balance-sheet changes
• Neutral Sentiment: The quarter was mixed: revenue of $883 million fell short of the $889.2 million estimate, but return on equity was 12.06% and net margin was 21.12%, supporting the view that the core franchise remains profitable. First Horizon third-quarter sales report
• Negative Sentiment: First Horizon posted a $94 million net loss available to common shareholders, or a $0.20 loss per share, primarily because of charges associated with the mortgage portfolio sale. The transaction creates near-term earnings pressure and execution risk while investors wait for the anticipated benefits. First Horizon reports third-quarter net loss

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.