First Horizon (NYSE:FHN) Price Target Cut to $18.00 by Analysts at JPMorgan Chase & Co.

First Horizon (NYSE:FHN) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $19.00 to $18.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.10% from the stock’s previous close.

FHN has been the subject of a number of other reports. Jefferies Financial Group raised their price objective on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Barclays raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price target on shares of First Horizon in a research note on Tuesday, August 6th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.38.

First Horizon Stock Performance

FHN opened at $15.78 on Wednesday. First Horizon has a 52-week low of $10.16 and a 52-week high of $17.46. The firm has a market capitalization of $8.63 billion, a PE ratio of 11.03, a PEG ratio of 3.17 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The business’s 50-day simple moving average is $15.63 and its 200 day simple moving average is $15.50.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the previous year, the firm posted $0.39 earnings per share. As a group, sell-side analysts expect that First Horizon will post 1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Access Investment Management LLC grew its holdings in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 715 shares during the last quarter. First Trust Direct Indexing L.P. increased its holdings in shares of First Horizon by 6.5% during the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock worth $194,000 after buying an additional 765 shares in the last quarter. Simplicity Wealth LLC lifted its stake in shares of First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after acquiring an additional 786 shares during the last quarter. Perigon Wealth Management LLC grew its position in First Horizon by 7.5% during the 1st quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 804 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in First Horizon by 7.5% in the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 1,094 shares in the last quarter. 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.