Traders Purchase High Volume of First Horizon Call Options (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) was the target of some unusual options trading on Wednesday. Traders acquired 202,507 call options on the stock. This is an increase of 919% compared to the average daily volume of 19,872 call options.

Wall Street Analysts Forecast Growth

FHN has been the subject of several research reports. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Truist Financial set a $27.00 target price on shares of First Horizon in a report on Friday, January 9th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Horizon in a research note on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price for the company. Citigroup boosted their price target on First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Finally, Wells Fargo & Company reduced their price objective on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

First Horizon Trading Down 1.3%

Shares of First Horizon stock opened at $24.62 on Friday. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 0.94 and a beta of 0.61. First Horizon has a 52-week low of $15.19 and a 52-week high of $25.21. The company’s 50-day simple moving average is $23.44 and its 200-day simple moving average is $22.52. 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 (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share 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 analyst estimates of $863.87 million. During the same quarter in the previous year, the company earned $0.43 EPS. As a group, equities research analysts anticipate that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 12th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, December 12th. First Horizon’s dividend payout ratio is currently 31.91%.

First Horizon declared that its board has initiated a stock buyback program on Monday, October 27th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president owned 307,432 shares in the company, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Horizon

Institutional investors have recently made changes to their positions in the stock. Aaron Wealth Advisors LLC increased its holdings in shares of First Horizon by 5.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 511 shares in the last quarter. Wellington Shields Capital Management LLC boosted its holdings in First Horizon by 1.9% during the second quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock worth $594,000 after buying an additional 514 shares in the last quarter. AMG National Trust Bank grew its position in First Horizon by 0.6% during the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock worth $2,314,000 after buying an additional 575 shares during the period. Inspire Investing LLC increased its holdings in First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock valued at $390,000 after buying an additional 624 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in shares of First Horizon by 57.3% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 635 shares during the period. 80.28% of the stock is currently owned by hedge funds and other 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.