First Horizon (NYSE:FHN) EVP Sells $139,257.65 in Stock

First Horizon Corporation (NYSE:FHN) EVP Anthony Restel sold 5,719 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

First Horizon Stock Performance

FHN opened at $25.77 on Thursday. The firm’s fifty day simple moving average is $24.01 and its two-hundred day simple moving average is $22.69. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $26.31. The company has a market cap of $12.69 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.97 and a beta of 0.63. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released 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 return on equity of 11.21% and a net margin of 19.67%.During the same quarter last year, the business posted $0.43 earnings per share. Equities analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a share buyback plan on Monday, October 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s dividend payout ratio is 31.91%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FHN. Evercore ISI reissued an “in-line” rating and set a $20.00 target price (down previously from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft initiated coverage on First Horizon in a research report on Tuesday, December 16th. They set a “buy” rating and a $28.00 price objective for the company. Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the company a “buy” rating in a research report on Wednesday, October 15th. Raymond James Financial lifted their price target on shares of First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Finally, Truist Financial set a $27.00 price target on shares of First Horizon in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.63.

Hedge Funds Weigh In On First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its holdings in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of First Horizon by 12.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 37,754 shares of the financial services provider’s stock valued at $800,000 after purchasing an additional 4,123 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in shares of First Horizon during the 2nd quarter worth $6,615,000. Finally, Callan Family Office LLC lifted its position in shares of First Horizon by 181.8% during the 2nd quarter. Callan Family Office LLC now owns 49,596 shares of the financial services provider’s stock worth $1,051,000 after purchasing an additional 31,997 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

About First Horizon

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.