First Horizon (NYSE:FHN) Price Target Raised to $24.00 at Royal Bank of Canada

First Horizon (NYSE:FHN) had its target price lifted by research analysts at Royal Bank of Canada from $22.00 to $24.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 17.68% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Truist Financial began coverage on shares of First Horizon in a report on Tuesday, May 13th. They issued a “hold” rating and a $21.00 price target for the company. Bank of America lifted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, April 17th. Barclays reduced their price objective on First Horizon from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a report on Monday, May 12th. Finally, Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 target price for the company in a research note on Monday, April 7th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.53.

First Horizon Stock Performance

NYSE FHN traded up $0.00 on Monday, reaching $20.39. The stock had a trading volume of 1,017,757 shares, compared to its average volume of 6,109,512. The stock has a market cap of $10.34 billion, a P/E ratio of 15.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.61. The business’s 50-day moving average price is $18.64 and its 200 day moving average price is $19.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon has a 12-month low of $14.09 and a 12-month high of $22.44.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The company had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. During the same period in the previous year, the firm posted $0.35 EPS. As a group, equities analysts expect that First Horizon will post 1.67 earnings per share for the current year.

Hedge Funds Weigh In On First Horizon

Several hedge funds have recently bought and sold shares of FHN. Bank of New York Mellon Corp grew its stake in First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock worth $747,822,000 after buying an additional 7,715,191 shares during the period. Millennium Management LLC grew its holdings in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock worth $428,686,000 after acquiring an additional 10,763,349 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of First Horizon by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider’s stock worth $400,173,000 after acquiring an additional 97,429 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock worth $244,594,000 after purchasing an additional 4,392,405 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock worth $165,199,000 after buying an additional 6,827,040 shares during the period. Hedge funds and other 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.