First Horizon (NYSE:FHN) Reaches New 1-Year High Following Analyst Upgrade

Shares of First Horizon Corporation (NYSE:FHN) reached a new 52-week high during trading on Thursday after Truist Financial raised their price target on the stock from $24.00 to $26.00. Truist Financial currently has a hold rating on the stock. First Horizon traded as high as $24.21 and last traded at $24.1650, with a volume of 828339 shares. The stock had previously closed at $23.87.

FHN has been the topic of several other reports. Royal Bank Of Canada boosted their price target on First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Robert W. Baird restated a “neutral” rating and issued a $25.00 target price on shares of First Horizon in a research note on Thursday, December 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Horizon in a report on Tuesday. They set a “buy” rating and a $28.00 price target for the company. National Bankshares set a $28.00 price objective on shares of First Horizon in a report on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, First Horizon has a consensus rating of “Hold” and a consensus price target of $25.29.

Insider Transactions at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president owned 307,432 shares in the company, valued at $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.87% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FHN. Atlantic Union Bankshares Corp acquired a new stake in First Horizon during the third quarter worth about $25,000. Navigoe LLC bought a new stake in shares of First Horizon in the 3rd quarter worth approximately $25,000. Root Financial Partners LLC acquired a new position in First Horizon during the 3rd quarter valued at approximately $31,000. Kestra Investment Management LLC grew its stake in 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 worth $34,000 after buying an additional 1,458 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its position in First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after buying an additional 900 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

The company has a market capitalization of $11.91 billion, a P/E ratio of 14.64, a PEG ratio of 0.92 and a beta of 0.62. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a 50 day simple moving average of $21.88 and a 200-day simple moving average of $21.81.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. The business had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. Analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. First Horizon’s dividend payout ratio (DPR) is presently 36.36%.

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

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.