First Horizon Co. (NYSE:FHN – Get Free Report)’s stock price hit a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $21.83 and last traded at $21.89, with a volume of 789681 shares. The stock had previously closed at $21.29.
The newly announced dividend which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th 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 2.74%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.
Wall Street Analyst Weigh In
A number of research firms have commented on FHN. Evercore ISI upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Stephens reiterated an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. UBS Group began coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $22.04.
First Horizon Stock Performance
The stock’s 50-day simple moving average is $20.64 and its 200 day simple moving average is $18.03. The company has a market capitalization of $11.63 billion, a PE ratio of 16.13, a P/E/G ratio of 1.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.
First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the company posted $0.32 earnings per share. As a group, research analysts expect that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.
First Horizon declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
Insider Activity at First Horizon
In related news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now directly 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 disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock valued at $4,519,333 in the last ninety days. Insiders own 0.87% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the stock. UMB Bank n.a. increased its stake in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the period. Versant Capital Management Inc increased its stake in shares of First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 884 shares during the period. Kentucky Trust Co purchased a new position in First Horizon during the fourth quarter worth about $32,000. Covestor Ltd lifted its position in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the period. Finally, True Wealth Design LLC purchased a new stake in First Horizon in the 3rd quarter valued at approximately $36,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.
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.
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