First Horizon Sees Unusually High Options Volume (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) was the recipient of unusually large options trading activity on Thursday. Traders acquired 307,041 call options on the company. This is an increase of approximately 1,463% compared to the typical volume of 19,640 call options.

Insider Activity at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This represents a 0.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently added to or reduced their stakes in the stock. Navigoe LLC acquired a new stake in First Horizon during the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of First Horizon in the 3rd quarter valued at $25,000. Root Financial Partners LLC acquired a new stake in First Horizon during the 3rd quarter worth $31,000. Kestra Investment Management LLC lifted its position in First Horizon by 873.1% in the second 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, Geneos Wealth Management Inc. boosted its stake in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on FHN shares. Robert W. Baird lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. DA Davidson upped their target price on shares of First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, January 16th. Citigroup increased their target price on shares of First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Keefe, Bruyette & Woods boosted their price target on shares of First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, January 16th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 price objective on shares of First Horizon in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.63.

First Horizon Trading Up 0.2%

Shares of NYSE:FHN opened at $25.77 on Thursday. First Horizon has a 52 week low of $15.19 and a 52 week high of $26.31. The company’s 50 day moving average is $24.01 and its two-hundred day moving average is $22.69. The company has a market cap of $12.69 billion, a PE ratio of 13.71, a P/E/G ratio of 0.97 and a beta of 0.63. 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 issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the previous year, the firm posted $0.43 earnings per share. Equities 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 authorized a stock repurchase program on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

First Horizon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio (DPR) is currently 31.91%.

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.