Anthony Restel Sells 5,719 Shares of First Horizon (NYSE:FHN) Stock

First Horizon Corporation (NYSE:FHN) EVP Anthony Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares in the company, valued at $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

First Horizon Stock Performance

FHN opened at $25.72 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $25.79. The firm has a market cap of $12.66 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. The business’s fifty day moving average is $23.94 and its 200-day moving average is $22.67.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the company posted $0.43 EPS. Sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

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

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s payout ratio is 31.91%.

Institutional Trading of First Horizon

A number of institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in shares of First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in First Horizon by 12.3% during the second quarter. Janney Montgomery Scott LLC now owns 37,754 shares of the financial services provider’s stock worth $800,000 after purchasing an additional 4,123 shares during the period. Simplicity Wealth LLC bought a new stake in First Horizon in the second quarter worth approximately $6,615,000. Finally, Callan Family Office LLC increased its holdings in First Horizon by 181.8% in the second quarter. Callan Family Office LLC now owns 49,596 shares of the financial services provider’s stock worth $1,051,000 after purchasing an additional 31,997 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on FHN. Zacks Research upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Barclays lifted their price target on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. The Goldman Sachs Group set a $27.00 price objective on shares of First Horizon and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Citigroup raised their target price on First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of First Horizon in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

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.