First Horizon Co. (NYSE:FHN) Sees Significant Increase in Short Interest

First Horizon Co. (NYSE:FHN) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 7,110,000 shares, a growth of 9.2% from the October 15th total of 6,510,000 shares. Based on an average daily trading volume, of 6,150,000 shares, the days-to-cover ratio is presently 1.2 days. Approximately 1.4% of the company’s stock are short sold.

Analyst Ratings Changes

Several research firms recently issued reports on FHN. Royal Bank of Canada increased their target price on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Barclays increased their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.38.

First Horizon Price Performance

Shares of NYSE FHN traded up $0.20 during midday trading on Friday, reaching $20.36. 9,445,145 shares of the stock traded hands, compared to its average volume of 7,019,308. The stock has a market capitalization of $10.79 billion, a PE ratio of 14.75, a P/E/G ratio of 1.52 and a beta of 0.86. The company’s 50 day moving average is $16.85 and its 200 day moving average is $16.10. First Horizon has a one year low of $11.87 and a one year high of $20.53. 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 (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period last year, the company earned $0.27 earnings per share. On average, equities research analysts anticipate that First Horizon will post 1.49 earnings per share for the current year.

First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.95%. First Horizon’s dividend payout ratio is presently 43.48%.

Insider Transactions at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently made changes to their positions in the business. UMB Bank n.a. increased its stake in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the period. Family Firm Inc. purchased a new position in shares of First Horizon during the second quarter valued at $28,000. Nemes Rush Group LLC increased its stake in shares of First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. purchased a new position in shares of First Horizon during the second quarter valued at $31,000. Finally, Covestor Ltd increased its stake in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the period. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

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.