First Horizon Co. (NYSE:FHN) Director Harry V. Barton, Jr. Sells 10,000 Shares

by · The Cerbat Gem

First Horizon Co. (NYSE:FHN – Get Free Report) Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

First Horizon Stock Performance

Shares of FHN stock traded up $0.26 during mid-day trading on Wednesday, hitting $20.14. The stock had a trading volume of 8,829,324 shares, compared to its average volume of 6,640,812. The firm has a market cap of $10.68 billion, a PE ratio of 14.82, a PEG ratio of 1.48 and a beta of 0.86. The company’s 50-day simple moving average is $16.57 and its 200-day simple moving average is $16.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a fifty-two week low of $11.86 and a fifty-two week high of $20.53.

First Horizon (NYSE:FHN – Get Free Report) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter last year, the firm earned $0.27 earnings per share. Sell-side analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon announced that its board has approved a share repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On First Horizon

Several institutional investors have recently made changes to their positions in the stock. Sei Investments Co. boosted its holdings in First Horizon by 57.6% during the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after buying an additional 155,982 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of First Horizon by 10.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,071,564 shares of the financial services provider’s stock worth $16,502,000 after acquiring an additional 103,983 shares during the period. US Bancorp DE increased its stake in First Horizon by 7.9% in the 1st quarter. US Bancorp DE now owns 104,600 shares of the financial services provider’s stock valued at $1,611,000 after purchasing an additional 7,639 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in First Horizon by 17.1% during the first quarter. Bleakley Financial Group LLC now owns 28,509 shares of the financial services provider’s stock worth $439,000 after purchasing an additional 4,168 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in First Horizon by 4.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 422,297 shares of the financial services provider’s stock valued at $6,503,000 after purchasing an additional 19,353 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FHN shares. Stephens boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays boosted their target price on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $18.38.

Read Our Latest Stock Analysis on FHN

About First Horizon

(Get Free Report)

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.

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