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

Key Points

• First Horizon Corporation's share price reached a new 52-week high of $23.20 during trading, closing at $23.17.
• Wall Street analysts have varying ratings and price targets for First Horizon, with targets ranging from $22.50 to $27.00, while the consensus rating is a Moderate Buy.
• The company announced a quarterly dividend of $0.15 per share, yielding about 2.6%, which will be paid on October 1st to shareholders of record from September 12th.

Shares of First Horizon Corporation (NYSE:FHN - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $23.20 and last traded at $23.17, with a volume of 10001472 shares trading hands. The stock had previously closed at $22.66.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. increased their price target on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Wells Fargo & Company raised their target price on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Bank of America increased their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Finally, Jefferies Financial Group assumed coverage on First Horizon in a research report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.34.

First Horizon Stock Performance

The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market cap of $11.79 billion, a P/E ratio of 14.99, a PEG ratio of 1.06 and a beta of 0.67. The stock has a fifty day simple moving average of $22.17 and a 200-day simple moving average of $20.25.

First Horizon (NYSE:FHN - Get Free Report) last issued 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 firm had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the business earned $0.36 earnings per share. Equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed 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. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, September 12th. First Horizon's payout ratio is 38.71%.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated 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 owned 462,581 shares in the company, valued at $10,408,072.50. The trade was a 17.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock worth $3,322,663 in the last quarter. 0.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Shields Capital Management LLC increased its holdings in shares of First Horizon by 1.9% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider's stock worth $594,000 after acquiring an additional 514 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of First Horizon by 1.0% during the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock worth $1,175,000 after acquiring an additional 575 shares during the last quarter. Inspire Investing LLC increased its holdings in shares of First Horizon by 3.5% during the 2nd quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider's stock worth $390,000 after acquiring an additional 624 shares during the last quarter. Signaturefd LLC increased its holdings in shares of First Horizon by 4.8% during the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock worth $270,000 after acquiring an additional 635 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in shares of First Horizon by 57.9% during the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider's stock worth $44,000 after acquiring an additional 757 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

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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