David T. Popwell Sells 100,974 Shares of First Horizon Co. (NYSE:FHN) Stock

First Horizon Co. (NYSE:FHN) EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

First Horizon Stock Up 0.5 %

NYSE:FHN opened at $19.69 on Friday. The company has a market cap of $10.55 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 1.50 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The stock’s fifty day moving average price is $16.44 and its two-hundred day moving average price is $15.92. First Horizon Co. has a 52-week low of $10.96 and a 52-week high of $20.11.

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

First Horizon announced that its board has authorized a share buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to purchase 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.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Analyst Ratings Changes

Several analysts recently commented on FHN shares. Raymond James boosted their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a report on Thursday, October 17th. Finally, Royal Bank of Canada boosted their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.38.

Hedge Funds Weigh In On First Horizon

Several large investors have recently bought and sold shares of FHN. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of First Horizon by 24.2% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 6,500 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in First Horizon by 48.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,595 shares of the financial services provider’s stock valued at $1,796,000 after buying an additional 38,295 shares during the period. Daiwa Securities Group Inc. lifted its stake in First Horizon by 713.9% in the first quarter. Daiwa Securities Group Inc. now owns 29,300 shares of the financial services provider’s stock valued at $451,000 after buying an additional 25,700 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in First Horizon during the first quarter worth about $106,000. Finally, Texas Permanent School Fund Corp grew its position in shares of First Horizon by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 489,029 shares of the financial services provider’s stock worth $7,531,000 after buying an additional 6,334 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Company Profile

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.