First Horizon Co. (NYSE:FHN – Get Rating) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 25,890,000 shares, a growth of 24.1% from the March 31st total of 20,870,000 shares. Based on an average daily volume of 9,930,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 4.9% of the shares of the stock are sold short.
In other news, EVP Terry Lawson Akins sold 39,904 shares of the stock in a transaction on Wednesday, April 27th. The shares were sold at an average price of $22.75, for a total value of $907,816.00. Following the transaction, the executive vice president now owns 134,615 shares of the company’s stock, valued at approximately $3,062,491.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.55% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of FHN. Morgan Stanley lifted its position in First Horizon by 118.3% during the 2nd quarter. Morgan Stanley now owns 1,140,113 shares of the financial services provider’s stock valued at $19,702,000 after acquiring an additional 617,768 shares during the period. Treasurer of the State of North Carolina increased its stake in First Horizon by 7.6% during the 3rd quarter. Treasurer of the State of North Carolina now owns 205,019 shares of the financial services provider’s stock valued at $3,340,000 after purchasing an additional 14,549 shares in the last quarter. Deutsche Bank AG increased its stake in First Horizon by 4.8% during the 3rd quarter. Deutsche Bank AG now owns 94,102 shares of the financial services provider’s stock valued at $1,533,000 after purchasing an additional 4,337 shares in the last quarter. Sowell Financial Services LLC bought a new stake in First Horizon during the 3rd quarter valued at about $418,000. Finally, Pendal Group Ltd bought a new stake in First Horizon during the 3rd quarter valued at about $316,000. 79.64% of the stock is owned by institutional investors.
First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. First Horizon had a net margin of 30.72% and a return on equity of 13.82%. During the same quarter in the previous year, the company posted $0.51 earnings per share. Research analysts expect that First Horizon will post 1.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 10th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, June 9th. This represents a $0.60 dividend on an annualized basis and a yield of 2.67%. First Horizon’s dividend payout ratio (DPR) is currently 35.71%.
FHN has been the topic of several recent research reports. Hovde Group lowered shares of First Horizon from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 2nd. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating in a research report on Monday, February 28th. Wells Fargo & Company cut shares of First Horizon from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, March 1st. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Friday, April 15th. Finally, Keefe, Bruyette & Woods cut shares of First Horizon from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $21.00 to $25.00 in a research report on Monday, March 7th. One investment analyst has rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.63.
About First Horizon (Get Rating)
First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.
- Get a free copy of the StockNews.com research report on First Horizon (FHN)
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