First Horizon (NYSE:FHN) Reaches New 52-Week 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 stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $23.05 and last traded at $22.77, with a volume of 1024033 shares changing hands. The stock had previously closed at $22.81.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FHN. Truist Financial increased their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, July 11th. Bank of America increased their price objective 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. Citigroup increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Wells Fargo & Company increased their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. increased their target price on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

First Horizon Price Performance

The company has a market cap of $11.42 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.07 and a beta of 0.67. 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's 50 day moving average price is $22.14 and its 200 day moving average price is $20.22.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the business earned $0.36 EPS. Equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

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

Insider Transactions at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of First Horizon 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 $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of First Horizon 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 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 quarter, insiders have sold 148,295 shares of company stock valued at $3,322,663. Insiders own 1.04% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FHN. Byrne Asset Management LLC lifted 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 purchasing an additional 830 shares in the last quarter. Kestra Investment Management LLC lifted 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 purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. lifted its position 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 worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Compass Financial Services Inc acquired a new position in shares of First Horizon during the first quarter worth $38,000. Finally, Quarry LP lifted its position 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 worth $43,000 after purchasing an additional 1,243 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

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.