Evercore ISI Boosts First Horizon (NYSE:FHN) Price Target to $20.00

First Horizon (NYSE:FHN) had its price objective increased by equities researchers at Evercore ISI from $18.00 to $20.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Evercore ISI’s target price suggests a potential upside of 15.41% from the stock’s current price.

Several other research analysts also recently weighed in on FHN. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Stephens raised their target price on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. dropped their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $17.92.

First Horizon Price Performance

Shares of NYSE:FHN opened at $17.33 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The company has a market capitalization of $9.29 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.30 and a beta of 0.88. The stock has a fifty day moving average of $16.16 and a 200-day moving average of $15.73. First Horizon has a one year low of $10.55 and a one year high of $17.93.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the company posted $0.27 EPS. As a group, equities analysts anticipate that First Horizon will post 1.48 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has approved a stock buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On First Horizon

Several institutional investors and hedge funds have recently modified their holdings of FHN. UMB Bank n.a. raised its holdings in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares in the last quarter. Family Firm Inc. bought a new position in shares of First Horizon in the 2nd quarter valued at approximately $28,000. Nemes Rush Group LLC raised its stake in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,378 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in First Horizon during the first quarter worth approximately $28,000. Finally, Industrial Alliance Investment Management Inc. bought a new stake in First Horizon during the second quarter worth approximately $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.