First Horizon Target of Unusually High Options Trading (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) saw unusually large options trading on Thursday. Stock investors purchased 307,041 call options on the company. This represents an increase of approximately 1,463% compared to the average daily volume of 19,640 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FHN shares. Keefe, Bruyette & Woods upped their price objective on shares of First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a research report on Friday, January 16th. Barclays boosted their target price on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $28.00 price target on shares of First Horizon in a research note on Monday, January 12th. Raymond James Financial boosted their price objective on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Horizon in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.63.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares of the company’s stock, valued at $15,075,864.20. The trade was a 0.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the sale, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. The trade was a 5.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Navigoe LLC acquired a new position in shares of First Horizon in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp purchased a new stake in First Horizon in the 3rd quarter valued at about $25,000. Root Financial Partners LLC acquired a new position in First Horizon in the third quarter valued at about $31,000. Kestra Investment Management LLC lifted its position in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Trading Up 0.2%

Shares of First Horizon stock opened at $25.77 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock’s 50 day simple moving average is $24.01 and its 200-day simple moving average is $22.69. The stock has a market cap of $12.69 billion, a P/E ratio of 13.71, a P/E/G ratio of 0.97 and a beta of 0.63. First Horizon has a 1-year low of $15.19 and a 1-year high of $26.31.

First Horizon (NYSE:FHN) last announced its quarterly earnings data 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. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. During the same quarter last year, the business posted $0.43 earnings per share. Analysts predict that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.6%. 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 dividend payout ratio (DPR) is presently 31.91%.

First Horizon announced that its board has authorized a stock repurchase plan on Monday, October 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.