First Horizon (NYSE:FHN) Sets New 52-Week High – Here’s Why

First Horizon Co. (NYSE:FHN) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $21.82 and last traded at $21.71, with a volume of 380980 shares traded. The stock had previously closed at $21.56.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FHN shares. Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. Royal Bank of Canada raised their price target on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Bank of America increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Finally, Stephens reissued an “overweight” rating and set a $24.00 price target on shares of First Horizon in a research report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Trading Down 1.8 %

The stock has a market capitalization of $11.14 billion, a PE ratio of 15.45, a P/E/G ratio of 1.21 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $20.50 and a 200-day moving average price of $17.82.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping 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 business earned $0.32 EPS. Sell-side analysts expect that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.15 per share. The ex-dividend date was Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.86%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

First Horizon declared that its board has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of First Horizon 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 transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FHN. UMB Bank n.a. increased its position in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the period. Nemes Rush Group LLC increased its holdings in 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. Versant Capital Management Inc raised its stake in First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after buying an additional 884 shares in the last quarter. Covestor Ltd boosted its position in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in shares of First Horizon in the 3rd quarter valued at $36,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.