David Popwell Sells 100,000 Shares of First Horizon (NYSE:FHN) Stock

First Horizon Corporation (NYSE:FHN) EVP David Popwell sold 100,000 shares of the firm’s 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 sale, the executive vice president directly owned 462,581 shares of the company’s stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

First Horizon Stock Up 0.9%

Shares of FHN traded up $0.21 on Tuesday, hitting $22.71. 11,226,893 shares of the stock traded hands, compared to its average volume of 6,632,807. The company has a market capitalization of $11.53 billion, a PE ratio of 14.65, a P/E/G ratio of 1.07 and a beta of 0.65. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The business has a 50 day simple moving average of $21.60 and a 200 day simple moving average of $20.12. First Horizon Corporation has a one year low of $14.82 and a one year high of $23.00.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the firm earned $0.36 earnings per share. As a group, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon’s payout ratio is 38.71%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Byrne Asset Management LLC lifted its stake in shares of First Horizon by 115.3% during 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. Kestra Investment Management LLC lifted its stake in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of First Horizon by 156.7% during 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 shares of First Horizon during the 1st quarter valued at $38,000. Finally, Quarry LP lifted its stake in shares of First Horizon by 129.2% during 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. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Barclays lifted their target price on shares of First Horizon from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Bank of America lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Citigroup lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wells Fargo & Company lifted their target price on shares of First Horizon from $20.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.34.

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.