First Horizon (NYSE:FHN) EVP Anthony Restel Sells 5,719 Shares of Stock

First Horizon Corporation (NYSE:FHN) EVP Anthony Restel sold 5,719 shares of the company’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

First Horizon Price Performance

Shares of First Horizon stock opened at $24.82 on Tuesday. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $25.21. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $12.22 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 0.92 and a beta of 0.63. The company’s 50-day moving average price is $23.87 and its two-hundred day moving average price is $22.65.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS 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 the consensus estimate 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 in the previous year, the firm earned $0.43 EPS. As a group, sell-side analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has approved a stock repurchase plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is presently 31.91%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FHN. Royal Bank Of Canada restated an “outperform” rating and set a $28.00 price target on shares of First Horizon in a report on Monday, January 12th. Raymond James Financial increased their target price on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Stephens lifted their price target on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, January 16th. National Bankshares set a $27.00 price target on First Horizon in a research report on Friday, January 16th. Finally, Wells Fargo & Company dropped their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $26.58.

Institutional Investors Weigh In On First Horizon

A number of large investors have recently bought and sold shares of the business. LSV Asset Management boosted its position in First Horizon by 5.0% during the second quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock worth $285,319,000 after purchasing an additional 646,060 shares during the period. Invesco Ltd. boosted its stake in First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after buying an additional 595,869 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of First Horizon by 45.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after acquiring an additional 2,091,865 shares in the last quarter. Norges Bank acquired a new stake in First Horizon during the second quarter valued at approximately $131,399,000. Finally, William Blair Investment Management LLC boosted its stake in First Horizon by 38.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after buying an additional 1,456,820 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

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.