First Horizon Corporation (NYSE:FHN) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of First Horizon Corporation (NYSE:FHN) have been assigned a consensus rating of “Moderate Buy” from the twenty analysts that are covering the firm, Marketbeat.com reports. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $24.4706.

A number of analysts have commented on FHN shares. Raymond James Financial set a $23.00 price objective on shares of First Horizon in a report on Wednesday, October 15th. Barclays raised their price target on shares of First Horizon from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. DA Davidson restated a “neutral” rating and set a $24.00 price target on shares of First Horizon in a report on Thursday, October 16th. Bank of America raised their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Finally, Keefe, Bruyette & Woods cut their price target on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a report on Thursday, October 16th.

First Horizon Stock Up 0.5%

FHN stock opened at $21.10 on Friday. The company has a market cap of $10.71 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 0.85 and a beta of 0.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon has a 12 month low of $15.19 and a 12 month high of $23.70. The firm has a 50-day moving average of $22.24 and a two-hundred day moving average of $20.97.

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, beating analysts’ consensus estimates of $0.45 by $0.06. The company had revenue of $849.00 million during the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. First Horizon’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. As a group, analysts forecast that First Horizon will post 1.67 earnings per share for the current fiscal 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 issued a dividend of $0.15 per share. The ex-dividend date 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 initiated a share buyback program on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP David T. 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 completion of the sale, the executive vice president owned 462,581 shares in the company, 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 is available at this hyperlink. 1.04% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Shields Capital Management LLC lifted its stake in shares of First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock worth $594,000 after acquiring an additional 514 shares during the period. HighTower Advisors LLC lifted its stake in shares of First Horizon by 1.0% in the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock worth $1,175,000 after acquiring an additional 575 shares during the period. Inspire Investing LLC lifted its stake in shares of First Horizon by 3.5% in the 2nd quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 624 shares during the period. Signaturefd LLC lifted its stake in shares of First Horizon by 4.8% in the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 635 shares during the period. Finally, Concurrent Investment Advisors LLC lifted its stake in shares of First Horizon by 2.9% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock worth $541,000 after acquiring an additional 672 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.