First Horizon Corporation (NYSE:FHN) Given Average Recommendation of “Hold” by Brokerages

First Horizon Corporation (NYSE:FHN) has been given an average rating of “Hold” by the nineteen analysts that are covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $24.50.

FHN has been the subject of a number of recent research reports. Raymond James Financial set a $23.00 price target on shares of First Horizon in a research note on Wednesday, October 15th. Barclays upped their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Truist Financial boosted their price target on First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $25.00 price objective on shares of First Horizon in a research note on Thursday.

First Horizon Trading Down 1.5%

FHN opened at $23.59 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 52 week low of $15.19 and a 52 week high of $24.11. The business’s 50 day moving average is $21.84 and its two-hundred day moving average is $21.72. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 0.93 and a beta of 0.62.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. The business had revenue of $893.00 million during the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The company’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 earnings per share. On average, research analysts predict that First Horizon will post 1.67 EPS for the current year.

First Horizon announced that its board has approved a stock buyback program on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes 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 board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. First Horizon’s payout ratio is presently 36.36%.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction 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 transaction, the executive vice president directly owned 307,432 shares in the company, valued at $6,551,375.92. This trade represents a 33.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were 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 $2,796,329.24. This represents a 5.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.87% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FHN. Swiss Life Asset Management Ltd lifted its position in First Horizon by 72.5% in the third quarter. Swiss Life Asset Management Ltd now owns 22,947 shares of the financial services provider’s stock valued at $519,000 after purchasing an additional 9,643 shares during the period. Cambria Investment Management L.P. increased its position in First Horizon by 25.0% during the 3rd quarter. Cambria Investment Management L.P. now owns 28,199 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 5,634 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of First Horizon by 80.1% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 5,422 shares of the financial services provider’s stock worth $123,000 after buying an additional 2,411 shares in the last quarter. Prana Capital Management LP raised its stake in shares of First Horizon by 74.6% during the 3rd quarter. Prana Capital Management LP now owns 22,821 shares of the financial services provider’s stock worth $516,000 after buying an additional 9,751 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of First Horizon during the 3rd quarter worth approximately $813,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

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.