Harry V. Barton, Jr. Sells 10,000 Shares of First Horizon Co. (NYSE:FHN) Stock

First Horizon Co. (NYSE:FHN) Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

First Horizon Price Performance

Shares of FHN opened at $20.16 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 1 year low of $11.87 and a 1 year high of $20.53. The stock has a market cap of $10.69 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. The stock’s 50-day moving average price is $16.75 and its two-hundred day moving average price is $16.06.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter last year, the business earned $0.27 earnings per share. On average, equities analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its board has approved a share buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On First Horizon

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in First Horizon by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after buying an additional 627,730 shares during the last quarter. Bank of New York Mellon Corp raised its position in First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after buying an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP raised its position in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after buying an additional 3,470,346 shares during the last quarter. Millennium Management LLC raised its position in First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after buying an additional 4,558,129 shares during the last quarter. Finally, LSV Asset Management raised its position in First Horizon by 5.2% in the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after buying an additional 692,100 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on FHN. Royal Bank of Canada increased their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Raymond James increased their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.