Traders Buy High Volume of Put Options on First Horizon (NYSE:FHN)

Key Points

• Traders purchased a high volume of 22,568 put options for First Horizon Corporation, marking a notable increase of approximately 721% from its average daily trading volume.
• First Horizon received several upgrades from analysts, with target prices raised by firms such as Bank of America and Citigroup, reflecting a consensus target price of $23.28.
• The company announced a quarterly dividend of $0.15 per share, yielding 2.68%, with a payout ratio of 38.71%.
• First Horizon's recent earnings report showed an earnings per share of $0.45, exceeding analysts' expectations and representing a year-over-year increase.

First Horizon Corporation (NYSE:FHN - Get Free Report) was the recipient of some unusual options trading on Friday. Traders bought 22,568 put options on the stock. This is an increase of approximately 721% compared to the average daily volume of 2,749 put options.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FHN. Bank of America upped their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Truist Financial upped their target price 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. Robert W. Baird upgraded shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 target price for the company in a research report on Monday, April 7th. Citigroup upped their target price on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. upped 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. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $23.28.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Byrne Asset Management LLC grew its stake in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after buying an additional 830 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Compass Financial Services Inc purchased a new position in First Horizon in the 1st quarter valued at approximately $38,000. Quarry LP grew its stake in First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after buying an additional 1,243 shares in the last quarter. Finally, Golden State Wealth Management LLC grew its stake in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,658 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Stock Performance

FHN stock traded up $0.18 during mid-day trading on Friday, hitting $22.40. 3,096,174 shares of the company were exchanged, compared to its average volume of 6,081,610. The business has a 50 day simple moving average of $20.73 and a 200-day simple moving average of $20.05. 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 stock has a market capitalization of $11.36 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 1.07 and a beta of 0.61. First Horizon has a 1-year low of $14.34 and a 1-year high of $22.83.

First Horizon (NYSE:FHN - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations of $832.95 million. During the same period last year, the firm earned $0.36 earnings per share. On average, equities analysts forecast that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon's payout ratio is presently 38.71%.

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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