First Horizon Corporation (NYSE:FHN) Given Average Rating of “Moderate Buy” by Brokerages

Shares of First Horizon Corporation (NYSE:FHN) have been given an average rating of “Moderate Buy” by the twenty brokerages that are presently covering the company, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $26.5789.

Several research firms have recently commented on FHN. National Bankshares set a $27.00 price target on First Horizon in a research report on Friday, January 16th. DA Davidson raised their target price on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, January 16th. UBS Group reaffirmed a “buy” rating and issued a $28.00 target price on shares of First Horizon in a research report on Tuesday, January 6th. Robert W. Baird cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Wells Fargo & Company dropped their price objective on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th.

First Horizon Trading Up 0.4%

Shares of FHN stock opened at $24.52 on Friday. First Horizon has a fifty-two week low of $15.19 and a fifty-two week high of $25.21. The firm has a market capitalization of $12.08 billion, a P/E ratio of 13.04, a PEG ratio of 0.92 and a beta of 0.61. The stock’s fifty day moving average is $23.81 and its two-hundred day moving average is $22.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same period last year, the company posted $0.43 EPS. Research analysts expect that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is presently 31.91%.

First Horizon declared that its Board of Directors has approved a share repurchase program on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the 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 transaction, the executive vice president directly owned 307,432 shares in the company, valued at $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FHN. Navigoe LLC purchased a new stake in First Horizon during the third quarter worth about $25,000. Atlantic Union Bankshares Corp acquired a new stake in shares of First Horizon during the 3rd quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC grew its holdings in shares of First Horizon by 873.1% in 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 during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.