First Horizon (NYSE:FHN) Share Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• First Horizon shares moved above their 50-day moving average, trading as high as $24.25 before last changing hands at $23.805; the 50-day average was $23.65.
• Analyst sentiment is mixed but averages to a Hold, with a $27.07 consensus price target. Eight analysts rate the stock Buy, 12 Hold, and one Sell.
• Quarterly EPS of $0.53 slightly beat estimates, while revenue of $883 million fell short of expectations. First Horizon also announced a $0.17-per-share quarterly dividend, equivalent to a 2.9% yield.

Shares of First Horizon Corporation (NYSE:FHN - Get Free Report) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $23.65 and traded as high as $24.25. First Horizon shares last traded at $23.8050, with a volume of 6,781,552 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have commented on FHN shares. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, October 11th. Hovde Group initiated coverage on shares of First Horizon in a report on Thursday, September 17th. They set a "market perform" rating and a $25.00 price objective for the company. Wells Fargo & Company cut their target price on shares of First Horizon from $28.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 30th. National Bank Financial set a $30.00 target price on First Horizon in a report on Tuesday, September 8th. Finally, UBS Group reissued a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $27.07.

First Horizon Price Performance

The stock has a fifty day moving average of $23.65 and a 200-day moving average of $24.28. The firm has a market capitalization of $11.28 billion, a P/E ratio of 17.13, a PEG ratio of 0.97 and a beta of 0.62. The company has a quick ratio of 0.91, a current ratio of 0.97 and a debt-to-equity ratio of 0.16.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.01. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.18 million. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. During the same quarter in the prior year, the firm earned $0.51 EPS. Equities analysts predict that First Horizon Corporation will post 2.14 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, December 11th. First Horizon's dividend payout ratio is presently 48.92%.

Insider Activity at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares of the company's stock, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.91% of the stock is owned by company insiders.

Institutional Trading of First Horizon

A number of hedge funds and other institutional investors have recently modified their holdings of FHN. BlackRock Inc. bought a new position in First Horizon during the second quarter worth about $1,505,239,000. Bank of New York Mellon Corp acquired a new position in shares of First Horizon during the 2nd quarter worth about $747,445,000. North Reef Capital Management LP grew its position in shares of First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after buying an additional 2,936,368 shares during the period. William Blair Investment Management LLC bought a new stake in shares of First Horizon in the 2nd quarter valued at about $123,283,000. Finally, Bank of America Corp DE bought a new stake in shares of First Horizon in the 2nd quarter valued at about $96,739,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Company Profile

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.

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