First Horizon (NYSE:FHN) Hits New 1-Year High - Here's Why

Key Points

• First Horizon Corporation achieved a new 52-week high share price of $23.05, closing at $22.77 with over 1 million shares traded.
• Multiple analysts have recently raised their price targets for First Horizon, with a consensus rating of "Moderate Buy" and an average target price of $23.34.
• The company announced a quarterly dividend of $0.15 per share, giving it a dividend yield of 2.7% and a payout ratio of 38.71%.

First Horizon Corporation (NYSE:FHN - Get Free Report)'s share price hit a new 52-week high on Wednesday . The stock traded as high as $23.05 and last traded at $22.77, with a volume of 1024033 shares. The stock had previously closed at $22.81.

Analysts Set New Price Targets

FHN has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Bank of America upped their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Price Performance

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 capitalization of $11.41 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 1.06 and a beta of 0.67. The stock's 50-day moving average is $22.09 and its two-hundred day moving average is $20.18.

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

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is 38.71%.

Insider Buying and Selling

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

Hedge Funds Weigh In On First Horizon

A number of institutional investors have recently modified their holdings of FHN. Byrne Asset Management LLC increased its position in shares of First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after acquiring an additional 830 shares during the period. Kestra Investment Management LLC increased its position in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,458 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of First Horizon by 156.7% during the first 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 in the last quarter. Compass Financial Services Inc bought a new position in shares of First Horizon during the first quarter valued at approximately $38,000. Finally, Quarry LP boosted its stake in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 1,243 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Company Profile

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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