First Horizon (NYSE:FHN) Reaches New 12-Month High – Here’s Why
by Scott Moore · The Cerbat GemShares of First Horizon Corporation (NYSE:FHN – Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $25.26 and last traded at $25.0650, with a volume of 202923 shares trading hands. The stock had previously closed at $24.82.
Wall Street Analyst Weigh In
A number of brokerages recently commented on FHN. Truist Financial set a $27.00 price objective on First Horizon in a research report on Friday, January 9th. Evercore ISI reiterated an “in-line” rating and set a $20.00 price target (down from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. Jefferies Financial Group set a $25.00 target price on First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Wells Fargo & Company dropped their price objective on shares of 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. Finally, JPMorgan Chase & Co. raised their price target on First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $26.58.
View Our Latest Research Report on First Horizon
First Horizon Trading Up 1.1%
The company has a market cap of $12.35 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 0.92 and a beta of 0.63. The business has a fifty day simple moving average of $23.87 and a 200 day simple moving average of $22.65. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.
First Horizon (NYSE:FHN – Get Free Report) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. During the same period in the previous year, the firm posted $0.43 earnings per share. On average, equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.
First Horizon Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.17 dividend. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is currently 31.91%.
First Horizon announced that its board has approved a share repurchase plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Insider Activity
In other news, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at $2,796,329.24. The trade was a 5.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.04% of the stock is owned by company insiders.
Institutional Investors Weigh In On First Horizon
Several large investors have recently made changes to their positions in the business. LSV Asset Management boosted its holdings in First Horizon by 5.0% in the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock worth $285,319,000 after acquiring an additional 646,060 shares during the period. Invesco Ltd. increased its holdings in shares of First Horizon by 8.5% in the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock valued at $171,990,000 after acquiring an additional 595,869 shares during the last quarter. JPMorgan Chase & Co. raised its stake in First Horizon by 45.0% during the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after acquiring an additional 2,091,865 shares during the period. Norges Bank acquired a new stake in First Horizon in the second quarter worth $131,399,000. Finally, William Blair Investment Management LLC raised its holdings in shares of First Horizon by 38.7% during the third quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after buying an additional 1,456,820 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.
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.