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

First Horizon Corporation (NYSE:FHN) has received a consensus rating of “Moderate Buy” from the twenty research firms that are currently covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $26.6316.

A number of equities analysts recently commented on FHN shares. Keefe, Bruyette & Woods upped their target price on First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. Zacks Research raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Evercore ISI reaffirmed an “in-line” rating and set a $20.00 target price (down previously from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. Stephens increased their price target on shares of First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Finally, The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the company a “neutral” rating in a research report on Tuesday, January 6th.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $25.84 on Friday. 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 company has a 50-day moving average price of $24.08 and a 200-day moving average price of $22.72. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.97 and a beta of 0.63. First Horizon has a 12 month low of $15.19 and a 12 month high of $26.31.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating 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 company had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. During the same quarter in the previous year, the business earned $0.43 EPS. As a group, equities analysts anticipate that First Horizon will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors 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 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio is presently 31.91%.

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

Insider Buying and Selling at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president owned 619,132 shares in the company, valued at approximately $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 accessible through the SEC website. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

A number of hedge funds have recently made changes to their positions in FHN. North Dakota State Investment Board bought a new position in First Horizon during the 4th quarter valued at approximately $423,000. Millennium Capital Advisors LLC purchased a new stake in shares of First Horizon in the fourth quarter worth $353,000. Qsemble Capital Management LP increased its holdings in shares of First Horizon by 303.3% during the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock valued at $10,790,000 after acquiring an additional 339,508 shares in the last quarter. Stephens Inc. AR raised its position in shares of First Horizon by 1.2% in the 4th quarter. Stephens Inc. AR now owns 252,082 shares of the financial services provider’s stock worth $6,025,000 after purchasing an additional 2,986 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in First Horizon by 158.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 102,815 shares of the financial services provider’s stock worth $2,457,000 after purchasing an additional 63,026 shares in the last quarter. 80.28% of the stock is 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.