First Horizon (NYSE:FHN) EVP Sells $139,257.65 in Stock

First Horizon Corporation (NYSE:FHN) EVP Anthony Restel sold 5,719 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the transaction, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.33 during trading on Monday, reaching $24.82. The company’s stock had a trading volume of 5,377,364 shares, compared to its average volume of 6,689,017. 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’s 50-day moving average price is $23.81 and its 200-day moving average price is $22.63. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $25.21. The firm has a market cap of $12.22 billion, a PE ratio of 13.20, a P/E/G ratio of 0.92 and a beta of 0.63.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the previous year, the firm posted $0.43 EPS. Equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.17 dividend. The ex-dividend date is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon’s dividend payout ratio (DPR) is 31.91%.

First Horizon declared that its board 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 purchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FHN. Goldman Sachs Group Inc. grew its stake in First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. increased its stake in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of First Horizon by 12.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 37,754 shares of the financial services provider’s stock valued at $800,000 after buying an additional 4,123 shares during the period. Simplicity Wealth LLC acquired a new position in First Horizon during the 2nd quarter worth approximately $6,615,000. Finally, Callan Family Office LLC raised its position in shares of First Horizon by 181.8% during the second quarter. Callan Family Office LLC now owns 49,596 shares of the financial services provider’s stock worth $1,051,000 after purchasing an additional 31,997 shares during the period. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. TD Cowen upped their target price on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, January 16th. Royal Bank Of Canada restated an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a research report on Monday, January 12th. Evercore ISI reaffirmed an “in-line” rating and issued a $20.00 price objective (down from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. Citigroup boosted their target price on First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. Finally, UBS Group restated a “buy” rating and issued a $28.00 price target on shares of First Horizon in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.