First Horizon (NYSE:FHN) Sets New 12-Month High – Here’s Why

First Horizon Co. (NYSE:FHN)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $22.44 and last traded at $22.43, with a volume of 4412502 shares changing hands. The stock had previously closed at $22.08.

Analyst Ratings Changes

A number of research analysts recently issued reports on FHN shares. Stephens restated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. UBS Group started coverage on First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective for the company. The Goldman Sachs Group lifted their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Royal Bank of Canada increased their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Barclays lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Stock Performance

The stock’s 50-day moving average is $20.86 and its 200 day moving average is $18.40. The stock has a market cap of $11.67 billion, a price-to-earnings ratio of 16.18, a P/E/G ratio of 1.26 and a beta of 0.92. 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the company posted $0.32 earnings per share. As a group, analysts predict that First Horizon Co. will post 1.64 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.73%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

First Horizon announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in First Horizon in the second quarter valued at $312,000. Inspire Investing LLC grew its stake in First Horizon by 18.4% in the 3rd quarter. Inspire Investing LLC now owns 26,446 shares of the financial services provider’s stock valued at $411,000 after acquiring an additional 4,101 shares during the last quarter. nVerses Capital LLC purchased a new position in First Horizon during the 3rd quarter valued at about $554,000. KMG Fiduciary Partners LLC raised its position in First Horizon by 0.6% during the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after acquiring an additional 952 shares during the last quarter. Finally, Blue Trust Inc. raised its position in First Horizon by 76.7% during the third quarter. Blue Trust Inc. now owns 21,940 shares of the financial services provider’s stock worth $346,000 after acquiring an additional 9,522 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.