First Horizon (NYSE:FHN) Hits New 1-Year High – Here’s What Happened

by · The Cerbat Gem

First Horizon Co. (NYSE:FHN – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $19.61 and last traded at $19.40, with a volume of 200649 shares trading hands. The stock had previously closed at $17.26.

Wall Street Analyst Weigh In

Several research firms have issued reports on FHN. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Barclays raised their target price on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Stephens upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.92.

Get Our Latest Stock Analysis on First Horizon

First Horizon Stock Up 14.8 %

The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $10.62 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86. The firm has a 50-day moving average of $16.24 and a two-hundred day moving average of $15.82.

First Horizon (NYSE:FHN – Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the firm earned $0.27 EPS. Equities research analysts predict that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

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

Hedge Funds Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. grew its stake in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after acquiring an additional 155,982 shares in the last quarter. LSV Asset Management increased its holdings in First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares during the period. Seven Eight Capital LP acquired a new stake in First Horizon in the first quarter valued at approximately $2,366,000. O Shaughnessy Asset Management LLC increased its position in shares of First Horizon by 286.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock valued at $1,012,000 after purchasing an additional 48,720 shares during the last quarter. Finally, M&G Plc acquired a new stake in shares of First Horizon in the 1st quarter valued at $8,019,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Company Profile

(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.

Featured Stories