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

First Horizon (NYSE:FHN) had its target price cut by JPMorgan Chase & Co. from $28.00 to $26.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.08% from the company’s previous close.

A number of other equities analysts also recently issued reports on FHN. Royal Bank Of Canada reissued an “outperform” rating and set a $28.00 target price on shares of First Horizon in a research note on Monday, January 12th. Deutsche Bank Aktiengesellschaft initiated coverage on First Horizon in a research report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price objective for the company. Truist Financial set a $27.00 price target on shares of First Horizon in a research note on Friday, January 9th. TD Cowen raised their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, January 16th. Finally, Robert W. Baird lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Nine research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and an average target price of $26.71.

First Horizon Stock Performance

FHN traded up $0.23 during trading on Wednesday, hitting $22.99. The stock had a trading volume of 2,499,253 shares, compared to its average volume of 6,308,227. The firm has a market capitalization of $10.98 billion, a P/E ratio of 12.23, a PEG ratio of 0.83 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a twelve month low of $15.19 and a twelve month high of $26.56. The company’s 50-day moving average price is $23.82 and its 200 day moving average price is $23.08.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the previous year, the firm earned $0.43 earnings per share. On average, equities research analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

Insider Activity at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares in the company, valued at $15,075,864.20. The trade was a 0.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Atlantic Union Bankshares Corp purchased a new stake in shares of First Horizon in the third quarter valued at $25,000. Navigoe LLC acquired a new stake in First Horizon in the 3rd quarter worth about $25,000. Root Financial Partners LLC purchased a new stake in First Horizon in the 3rd quarter valued at about $31,000. Kestra Investment Management LLC lifted its holdings in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its position in shares of First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 900 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.