Investors Buy Large Volume of First Horizon Call Options (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) was the target of some unusual options trading activity on Tuesday. Stock investors bought 225,124 call options on the company. This is an increase of approximately 5,252% compared to the average volume of 4,206 call options.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FHN. William Blair Investment Management LLC lifted its stake in First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after purchasing an additional 116,191 shares during the last quarter. Andrew Hill Investment Advisors Inc. acquired a new stake in shares of First Horizon during the fourth quarter worth $7,059,000. Renaissance Technologies LLC lifted its position in shares of First Horizon by 158.0% in the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock worth $12,295,000 after buying an additional 330,800 shares during the last quarter. Tectonic Advisors LLC acquired a new position in shares of First Horizon in the 4th quarter valued at about $4,423,000. Finally, Qsemble Capital Management LP grew its position in shares of First Horizon by 303.3% during the 4th quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock valued at $10,790,000 after buying an additional 339,508 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FHN has been the subject of several analyst reports. Fundamental Research set a $28.50 target price on First Horizon in a research report on Wednesday, July 1st. Truist Financial raised their target price on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, July 10th. Barclays lowered their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.16.

First Horizon Stock Up 1.5%

FHN traded up $0.38 on Tuesday, reaching $26.18. The company’s stock had a trading volume of 4,299,019 shares, compared to its average volume of 5,467,595. First Horizon has a 1 year low of $19.80 and a 1 year high of $26.56. The business’s 50 day moving average is $25.14 and its 200 day moving average is $24.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market cap of $12.42 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.02 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The company had revenue of $890.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same period in the previous year, the business earned $0.45 EPS. As a group, research analysts forecast that First Horizon will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, September 11th. First Horizon’s payout ratio is 32.54%.

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.