First Horizon (NYSE:FHN) Upgraded at DA Davidson

DA Davidson upgraded shares of First Horizon (NYSE:FHN) from a hold rating to a strong-buy rating in a research note released on Friday,Zacks.com reports.

Several other analysts have also issued reports on the stock. National Bankshares set a $28.00 target price on shares of First Horizon in a research report on Tuesday, December 16th. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Evercore ISI reiterated an “in-line” rating and set a $20.00 price objective (down from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. Royal Bank Of Canada increased their target price on First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Finally, Barclays boosted their price target on First Horizon from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $25.29.

First Horizon Stock Up 1.5%

Shares of FHN opened at $24.41 on Friday. The firm has a market cap of $12.02 billion, a P/E ratio of 14.80, a PEG ratio of 0.95 and a beta of 0.62. First Horizon has a 12 month low of $15.19 and a 12 month high of $24.44. The stock’s 50 day moving average is $21.94 and its two-hundred day moving average is $21.88. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The business had revenue of $893.00 million during the quarter, compared to the consensus estimate of $848.08 million. During the same period in the prior year, the company posted $0.42 EPS. The business’s quarterly revenue was up 7.4% on a year-over-year basis. Analysts predict that First Horizon will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a share repurchase program on Monday, October 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio is presently 36.36%.

Insider Buying and Selling at First Horizon

In related news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the transaction, the executive vice president owned 307,432 shares in the company, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.04% of the stock is owned by insiders.

Institutional Trading of First Horizon

Several institutional investors have recently made changes to their positions in the company. Baird Financial Group Inc. purchased a new stake in shares of First Horizon during the 1st quarter worth $7,506,000. American Century Companies Inc. raised its stake in First Horizon by 12.5% in the first quarter. American Century Companies Inc. now owns 283,790 shares of the financial services provider’s stock valued at $5,511,000 after buying an additional 31,576 shares in the last quarter. Maverick Capital Ltd. raised its stake in First Horizon by 117.7% in the first quarter. Maverick Capital Ltd. now owns 35,493 shares of the financial services provider’s stock valued at $689,000 after buying an additional 19,191 shares in the last quarter. Wealth Preservation Advisors LLC purchased a new stake in First Horizon during the 1st quarter worth about $983,000. Finally, Comerica Bank lifted its holdings in First Horizon by 5.8% during the 1st quarter. Comerica Bank now owns 237,910 shares of the financial services provider’s stock worth $4,620,000 after buying an additional 13,119 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.