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

First Horizon Corporation (NYSE:FHN) has received a consensus recommendation of “Moderate Buy” from the twenty ratings firms that are currently covering the company, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $26.5789.

Several equities research analysts recently issued reports on FHN shares. Weiss Ratings reissued a “hold (c+)” rating on shares of First Horizon in a research report on Monday, December 29th. Jefferies Financial Group set a $25.00 price target on shares of First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Zacks Research raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Citigroup upped their price objective on First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Finally, Robert W. Baird lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th.

First Horizon Stock Up 0.4%

FHN stock opened at $24.52 on Friday. The company has a 50 day moving average price of $23.81 and a two-hundred day moving average price of $22.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market capitalization of $12.08 billion, a P/E ratio of 13.04, a PEG ratio of 0.92 and a beta of 0.61. First Horizon has a one year low of $15.19 and a one year high of $25.21.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The company had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the prior year, the company posted $0.43 EPS. As a group, sell-side analysts expect that First Horizon will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is presently 31.91%.

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

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 307,432 shares of the company’s stock, valued at $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was 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 position. The disclosure for this sale is available in the SEC filing. 0.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently modified their holdings of the stock. Atlantic Union Bankshares Corp acquired a new position in First Horizon in the third quarter worth about $25,000. Navigoe LLC bought a new position in First Horizon during the 3rd quarter worth approximately $25,000. Root Financial Partners LLC acquired a new position in shares of First Horizon in the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC increased its holdings in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its position in shares of First Horizon by 122.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 900 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Company Profile

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.