First Horizon (NYSE:FHN) Hits New 12-Month High – Still a Buy?
by Jessica Moore · The Cerbat GemFirst Horizon Corporation (NYSE:FHN – Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $25.08 and last traded at $24.9560, with a volume of 5919657 shares. The stock had previously closed at $23.91.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on FHN shares. UBS Group reiterated a “buy” rating and set a $28.00 price objective on shares of First Horizon in a report on Tuesday, January 6th. Robert W. Baird lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Stephens increased their price target on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Wells Fargo & Company dropped their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Finally, Barclays upped their price objective on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.58.
Get Our Latest Stock Analysis on FHN
First Horizon Stock Up 4.4%
The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 0.91 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business has a fifty day moving average price of $23.31 and a two-hundred day moving average price of $22.48.
First Horizon (NYSE:FHN – Get Free Report) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the prior year, the firm earned $0.43 earnings per share. On average, equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.
First Horizon Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, December 12th. First Horizon’s dividend payout ratio is 31.91%.
First Horizon announced that its board has approved a stock repurchase plan on Monday, October 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
Insider Transactions at First Horizon
In related news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the transaction, the executive vice president directly owned 307,432 shares of the company’s stock, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.04% of the company’s stock.
Hedge Funds Weigh In On First Horizon
Several institutional investors have recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in First Horizon during the third quarter worth $25,000. Navigoe LLC acquired a new position in shares of First Horizon in the third quarter worth about $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon during the 3rd quarter worth about $31,000. Kestra Investment Management LLC boosted its stake in shares of First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares in the last quarter. Finally, TD Waterhouse Canada Inc. grew its position in shares of First Horizon by 122.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 900 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.
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.