Insider Selling: First Horizon (NYSE:FHN) EVP Sells $455,078.05 in Stock

Key Points

• First Horizon EVP Elizabeth Ardoin sold 18,313 shares at an average price of $24.85, generating $455,078.05 and reducing her direct stake by 5.11% to 340,368 shares.
• First Horizon reported quarterly earnings of $0.54 per share, exceeding analyst estimates by $0.02, while revenue of $887 million also topped expectations.
• The company declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 2.8% yield; analysts’ consensus rating remains “Hold”, with an average price target of $27.26.

First Horizon Corporation (NYSE:FHN - Get Free Report) EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

First Horizon Stock Performance

NYSE FHN traded down $0.10 on Monday, hitting $24.54. The stock had a trading volume of 3,668,761 shares, compared to its average volume of 5,422,544. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of 11.74, a P/E/G ratio of 0.98 and a beta of 0.61. The company's 50-day moving average is $25.48 and its two-hundred day moving average is $24.50.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The company had revenue of $887.00 million for the quarter, compared to analysts' expectations of $878.42 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon's dividend payout ratio is currently 32.54%.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently modified their holdings of FHN. Bessemer Group Inc. boosted its position in First Horizon by 0.3% in the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock valued at $3,162,000 after buying an additional 425 shares in the last quarter. Thoroughbred Financial Services LLC increased its holdings in shares of First Horizon by 3.4% during the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock worth $335,000 after buying an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of First Horizon by 0.7% during the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock worth $1,641,000 after buying an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock valued at $963,000 after acquiring an additional 507 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in shares of First Horizon by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock valued at $378,000 after acquiring an additional 537 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price target on First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Autonomous Res lowered First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. Truist Financial lifted their target price on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Finally, Wells Fargo & Company started coverage on shares of First Horizon in a research report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $27.26.

About First Horizon

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.

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