First Horizon (NYSE:FHN) Sets New 12-Month High at $15.93

First Horizon Co. (NYSE:FHN)’s stock price reached a new 52-week high on Friday . The stock traded as high as $15.93 and last traded at $15.67, with a volume of 2261371 shares traded. The stock had previously closed at $15.67.

Analysts Set New Price Targets

Several analysts have recently weighed in on FHN shares. Evercore ISI lifted their target price on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Robert W. Baird lifted their price objective on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $18.00 in a report on Friday, April 5th. Finally, Wells Fargo & Company lifted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Stock Up 0.8 %

The firm has a market cap of $8.77 billion, a PE ratio of 10.96, a PEG ratio of 4.14 and a beta of 0.94. The business’s 50 day moving average price is $14.73 and its 200 day moving average price is $13.65. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 earnings per share. On average, equities research analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.80%. First Horizon’s dividend payout ratio is presently 41.96%.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of First Horizon

Hedge funds have recently made changes to their positions in the company. Macroview Investment Management LLC purchased a new stake in shares of First Horizon during the 3rd quarter valued at approximately $25,000. Rise Advisors LLC acquired a new stake in First Horizon during the first quarter worth $25,000. Raleigh Capital Management Inc. purchased a new stake in First Horizon in the fourth quarter valued at $28,000. Fidelis Capital Partners LLC purchased a new position in shares of First Horizon during the 1st quarter worth $28,000. Finally, Fortitude Family Office LLC increased its position in shares of First Horizon by 129.3% during the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Company Profile

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.