Shares of First Horizon Co. (NYSE:FHN – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $22.04.
A number of research analysts have recently weighed in on FHN shares. Raymond James lifted their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Royal Bank of Canada lifted their price target on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. UBS Group started coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th.
First Horizon Stock Performance
First Horizon (NYSE:FHN – Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the business posted $0.32 EPS. As a group, sell-side analysts forecast that First Horizon will post 1.63 earnings per share for the current fiscal year.
First Horizon announced that its Board of Directors has authorized a share repurchase program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
First Horizon Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.82%. First Horizon’s dividend payout ratio is currently 44.12%.
Insiders Place Their Bets
In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 220,954 shares of company stock valued at $4,519,333 over the last quarter. Insiders own 0.87% of the company’s stock.
Hedge Funds Weigh In On First Horizon
Large investors have recently made changes to their positions in the business. Versant Capital Management Inc lifted its position in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares during the last quarter. UMB Bank n.a. lifted its position in shares of First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. Nemes Rush Group LLC lifted its position in shares of First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,378 shares during the last quarter. Covestor Ltd lifted its position in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. Finally, True Wealth Design LLC acquired a new position in shares of First Horizon during the 3rd quarter worth about $36,000. Institutional investors and hedge funds own 80.28% of the company’s stock.
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.
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