First Horizon (NYSE:FHN) CAO Jeff Fleming Sells 7,619 Shares

First Horizon Corporation (NYSE:FHN) CAO Jeff Fleming sold 7,619 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

First Horizon Stock Down 0.7%

NYSE FHN traded down $0.15 during trading on Friday, reaching $21.28. 713,262 shares of the company’s stock were exchanged, compared to its average volume of 8,222,620. The firm has a market capitalization of $10.48 billion, a PE ratio of 12.86, a P/E/G ratio of 0.81 and a beta of 0.70. 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 company’s fifty day simple moving average is $21.97 and its 200-day simple moving average is $21.29. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $23.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $893.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. Sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is currently 36.36%.

First Horizon announced that its Board of Directors has authorized a share buyback program on Monday, October 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Wellington Shields Capital Management LLC lifted its holdings in shares of First Horizon by 1.9% during the second quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after acquiring an additional 514 shares during the period. HighTower Advisors LLC lifted its holdings in First Horizon by 1.0% during the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock valued at $1,175,000 after purchasing an additional 575 shares during the last quarter. AMG National Trust Bank boosted its position in First Horizon by 0.6% in the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock valued at $2,314,000 after buying an additional 575 shares in the last quarter. Inspire Investing LLC grew its stake in First Horizon by 3.5% during the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after buying an additional 624 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in shares of First Horizon by 4.8% during the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock worth $270,000 after buying an additional 635 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FHN. Truist Financial lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Wells Fargo & Company dropped their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 16th. Keefe, Bruyette & Woods reduced their price objective on First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Cowen started coverage on shares of First Horizon in a research note on Wednesday, September 24th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. cut their target price on shares of First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.41.

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.