First Horizon Corporation (NYSE:FHN) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• First Horizon Corporation has received a consensus rating of "Moderate Buy" from nineteen brokerages, with an average twelve-month price target of $23.91.
• Recent insider trading includes EVP David T. Popwell selling 100,000 shares for $2.25 million, representing a significant decrease in ownership.
• The company announced a quarterly dividend of $0.15 per share, with a dividend yield of 2.6%, payable on October 1st to shareholders of record on September 12th.

First Horizon Corporation (NYSE:FHN - Get Free Report) has earned a consensus rating of "Moderate Buy" from the nineteen brokerages that are presently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $23.9118.

FHN has been the subject of a number of research reports. TD Cowen started coverage on First Horizon in a research note on Thursday. They set a "hold" rating and a $25.00 target price for the company. Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 price target (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Citigroup raised their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Wells Fargo & Company raised their price target on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, Barclays raised their price target on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the transaction, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock valued at $3,322,663 over the last ninety days. Company insiders own 1.04% of the company's stock.

Hedge Funds Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the company. Byrne Asset Management LLC grew its stake in shares of First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after buying an additional 830 shares in the last quarter. Kestra Investment Management LLC grew its stake in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Compass Financial Services Inc bought a new position in shares of First Horizon in the first quarter valued at $38,000. Finally, Quarry LP grew its stake in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after buying an additional 1,243 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

NYSE FHN opened at $22.84 on Monday. The business has a 50 day simple moving average of $22.30 and a 200 day simple moving average of $20.45. First Horizon has a 52-week low of $14.82 and a 52-week high of $23.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $11.59 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The business had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same period in the prior year, the business earned $0.36 EPS. Analysts anticipate that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

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.

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