First Horizon (NYSE:FHN) Approves Share Repurchase Plan

First Horizon (NYSE:FHN) announced that its board has initiated a stock repurchase program on Monday, October 27th, RTT News reports. The company plans to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

First Horizon Stock Performance

First Horizon stock opened at $20.98 on Tuesday. The company’s 50-day moving average price is $22.25 and its 200-day moving average price is $20.94. First Horizon has a twelve month low of $15.19 and a twelve month high of $23.70. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market cap of $10.65 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 0.84 and a beta of 0.67.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $848.08 million. During the same period in the previous year, the firm posted $0.42 earnings per share. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that First Horizon will post 1.67 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on FHN shares. Evercore ISI reissued an “in-line” rating and set a $20.00 target price (down previously from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. DA Davidson reiterated a “neutral” rating and set a $24.00 price objective on shares of First Horizon in a research report on Thursday, October 16th. Robert W. Baird set a $25.00 price objective on shares of First Horizon in a research report on Wednesday, October 15th. TD Cowen initiated coverage on shares of First Horizon in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 price objective on the stock. Finally, Truist Financial lifted their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.47.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.04% of the company’s stock.

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.