First Horizon (NYSE:FHN) Reaches New 12-Month High – What’s Next?

First Horizon Co. (NYSE:FHN)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $19.61 and last traded at $19.40, with a volume of 200649 shares. The stock had previously closed at $17.26.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FHN. Royal Bank of Canada increased their price objective on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Barclays increased their price target on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Evercore ISI boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, Stephens boosted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.92.

First Horizon Trading Down 2.5 %

The firm has a market capitalization of $10.50 billion, a price-to-earnings ratio of 14.20, a P/E/G ratio of 1.27 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $16.37 and a two-hundred day moving average of $15.88.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the previous year, the company earned $0.27 earnings per share. Research analysts predict that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.06%. First Horizon’s payout ratio is currently 43.48%.

First Horizon announced that its board has authorized a share repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On First Horizon

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in First Horizon by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after buying an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of First Horizon by 13.6% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares in the last quarter. Millennium Management LLC grew its holdings in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Finally, LSV Asset Management increased its position in shares of First Horizon by 5.2% during the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares in the last quarter. 80.28% of the stock is currently owned by 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.