Truist Financial Issues Positive Forecast for First Horizon (NYSE:FHN) Stock Price

First Horizon (NYSE:FHN) had its price target raised by research analysts at Truist Financial from $26.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target points to a potential upside of 4.75% from the company’s current price.

Several other research firms have also recently weighed in on FHN. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. boosted their target price on shares of First Horizon from $26.00 to $28.50 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Fundamental Research set a $28.50 price target on First Horizon in a research note on Wednesday, July 1st. Finally, Zacks Research cut First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.12.

First Horizon Stock Performance

NYSE FHN traded up $0.09 during trading hours on Friday, hitting $25.77. The company’s stock had a trading volume of 873,807 shares, compared to its average volume of 5,315,948. First Horizon has a 12 month low of $19.80 and a 12 month high of $26.56. The company’s 50 day simple moving average is $24.66 and its two-hundred day simple moving average is $24.22. The company has a market cap of $12.23 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 0.98 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The business had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 EPS. As a group, sell-side analysts expect that First Horizon will post 2.15 EPS for the current fiscal year.

Hedge Funds Weigh In On First Horizon

Large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in First Horizon during the 4th quarter valued at about $153,942,000. Artemis Investment Management LLP acquired a new stake in shares of First Horizon in the 4th quarter worth $90,319,000. North Reef Capital Management LP raised its position in shares of First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Cullen Capital Management LLC boosted its stake in First Horizon by 3,401.0% in the 4th quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after purchasing an additional 1,972,461 shares in the last quarter. Finally, Arete Wealth Advisors LLC purchased a new stake in First Horizon during the 1st quarter worth approximately $43,483,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.