First Horizon (NYSE:FHN) Price Target Cut to $17.50 by Analysts at Evercore ISI

First Horizon (NYSE:FHN) had its price target reduced by Evercore ISI from $18.50 to $17.50 in a research report sent to investors on Tuesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $18.00 price objective on shares of First Horizon in a research note on Tuesday, June 11th. Royal Bank of Canada raised shares of First Horizon from a sector perform rating to an outperform rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Stephens initiated coverage on shares of First Horizon in a research note on Thursday, May 23rd. They issued an overweight rating and a $19.00 price objective for the company. 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 research note on Thursday, April 18th. 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 research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $16.69.

First Horizon Trading Down 0.6 %

Shares of NYSE:FHN opened at $14.92 on Tuesday. The firm has a fifty day moving average of $15.27 and a two-hundred day moving average of $14.65. The firm has a market capitalization of $8.16 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 1.98 and a beta of 0.91. First Horizon has a 12-month low of $10.08 and a 12-month high of $16.28. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, June 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. First Horizon’s payout ratio is 41.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of First Horizon by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of First Horizon by 224.4% during the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after purchasing an additional 19,728,357 shares during the period. LSV Asset Management boosted its position in shares of First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after acquiring an additional 4,434,929 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Horizon by 10.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock valued at $136,526,000 after acquiring an additional 883,503 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after acquiring an additional 7,682,480 shares in the last quarter. Institutional investors 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.