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 company’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

First Horizon Stock Performance

Shares of FHN stock traded up $0.33 during trading on Monday, hitting $24.82. The company’s stock had a trading volume of 5,377,364 shares, compared to its average volume of 6,689,017. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $12.22 billion, a PE ratio of 13.20, a P/E/G ratio of 0.92 and a beta of 0.63. The business has a fifty day moving average of $23.81 and a 200-day moving average of $22.63. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $25.21.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million during 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 in the prior year, the company earned $0.43 EPS. As a group, research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

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

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.7%. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is currently 31.91%.

Analyst Ratings Changes

FHN has been the topic of several research reports. Evercore ISI reissued an “in-line” rating and issued a $20.00 price target (down previously from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. UBS Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of First Horizon in a report on Tuesday, January 6th. Citigroup lifted their price target on First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Royal Bank Of Canada reissued an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a report on Monday, January 12th. Finally, JPMorgan Chase & Co. increased their target price on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $26.58.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aaron Wealth Advisors LLC lifted its holdings in First Horizon by 5.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock worth $237,000 after buying an additional 511 shares during the period. Wellington Shields Capital Management LLC raised its holdings in shares of First Horizon by 1.9% during the second quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after acquiring an additional 514 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in First Horizon by 3.5% in the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock worth $378,000 after acquiring an additional 537 shares during the period. AMG National Trust Bank lifted its stake in First Horizon by 0.6% in the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock worth $2,314,000 after acquiring an additional 575 shares during the period. Finally, Inspire Investing LLC boosted its holdings in First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 624 shares in the last quarter. 80.28% of the stock is currently owned by 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.