First Horizon Co. (NYSE:FHN) Director Sells $199,200.00 in Stock

First Horizon Co. (NYSE:FHN) Director Harry V. Barton, Jr. sold 10,000 shares of the 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 transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $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 can be accessed through this link.

First Horizon Stock Performance

FHN stock opened at $20.38 on Friday. The company has a market capitalization of $10.80 billion, a price-to-earnings ratio of 14.76, a P/E/G ratio of 1.50 and a beta of 0.86. The firm has a 50 day moving average of $16.85 and a two-hundred day moving average of $16.09. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12 month low of $11.87 and a 12 month high of $20.53.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the company earned $0.27 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has approved a share repurchase 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 repurchase up to 10.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

Institutional Investors Weigh In On First Horizon

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of First Horizon by 13.6% in the second 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 period. State Street Corp grew its position in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after buying an additional 4,116,486 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares during the period. Finally, Millennium Management LLC raised its holdings 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 acquiring an additional 4,558,129 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FHN. Royal Bank of Canada lifted their price objective on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Raymond James raised their price objective on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. cut their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.