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

First Horizon Corporation (NYSE:FHN) has been given an average rating of “Moderate Buy” by the twenty-one analysts that are currently covering the firm, MarketBeat.com reports. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $25.6316.

Several research analysts have recently weighed in on the company. UBS Group reaffirmed a “buy” rating and set a $28.00 target price on shares of First Horizon in a research note on Tuesday. Citigroup upped their price objective on shares of First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. Truist Financial lifted their target price on shares of First Horizon from $24.00 to $26.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company decreased their price target on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th.

Insider Buying and Selling at First Horizon

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

Institutional Trading of First Horizon

Several large investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in First Horizon in the 2nd quarter valued at about $131,399,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of First Horizon by 53.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after purchasing an additional 4,392,405 shares during the last quarter. William Blair Investment Management LLC purchased a new position in First Horizon during the second quarter worth approximately $79,776,000. Azora Capital LP boosted its stake in First Horizon by 1,020.5% during the second quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after buying an additional 2,377,300 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in First Horizon in the 3rd quarter valued at $49,180,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

NYSE:FHN opened at $24.65 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 52 week low of $15.19 and a 52 week high of $24.88. The stock’s 50-day moving average price is $22.73 and its 200-day moving average price is $22.26. The stock has a market capitalization of $12.13 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 0.88 and a beta of 0.61.

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

First Horizon announced that its Board of Directors has initiated a share 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 a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.4%. First Horizon’s payout ratio is currently 36.36%.

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.