First Horizon Corporation (NYSE:FHN) Given Average Rating of "Moderate Buy" by Brokerages

First Horizon Corporation (NYSE:FHN) has received a "Moderate Buy" consensus rating from 20 brokerages. Analysts have set an average 12-month price target of $24.41. Recent insider trading includes sales by CAO Jeff L. Fleming and EVP David T. Popwell. Institutional investors own 80.28% of the stock. The company reported a quarterly EPS of $0.51, surpassing estimates, with a market cap of $10.14 billion.

First Horizon Corporation (NYSE:FHN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty brokerages that are presently covering the stock, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $24.4118.

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Several brokerages have issued reports on FHN. Robert W. Baird set a $25.00 target price on shares of First Horizon in a research note on Wednesday, October 15th. Keefe, Bruyette & Woods decreased their price target on shares of First Horizon from $24.00 to $23.00 and set a "market perform" rating on the stock in a research note on Thursday, October 16th. Jefferies Financial Group set a $25.00 price target on shares of First Horizon and gave the stock a "buy" rating in a research report on Wednesday, October 15th. DA Davidson reiterated a "neutral" rating and issued a $24.00 price objective on shares of First Horizon in a report on Thursday, October 16th. Finally, Citigroup raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th.

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Insider Buying and Selling at First Horizon

PacWest, First Horizon Shares Plummet On Continued Bank Worries

In other news, CAO Jeff L. Fleming sold 7,619 shares of the business's stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company's stock, valued at approximately $2,796,329.24. The trade was a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David T. Popwell sold 155,149 shares of the firm's stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the sale, the executive vice president owned 307,432 shares of the company's stock, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 262,768 shares of company stock valued at $5,721,862. 0.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Horizon

Several institutional investors and hedge funds have recently bought and sold shares of the company. Navigoe LLC purchased a new stake in shares of First Horizon in the 3rd quarter valued at approximately $25,000. Atlantic Union Bankshares Corp acquired a new position in First Horizon in the third quarter valued at approximately $25,000. Root Financial Partners LLC acquired a new position in First Horizon in the third quarter valued at approximately $31,000. Kestra Investment Management LLC grew 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 worth $34,000 after acquiring an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after acquiring an additional 1,095 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Performance

NYSE FHN opened at $20.59 on Tuesday. The company has a market cap of $10.14 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 0.81 and a beta of 0.70. The stock's 50 day simple moving average is $21.92 and its 200-day simple moving average is $21.37. First Horizon has a 1-year low of $15.19 and a 1-year high of $23.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The firm had revenue of $893.00 million during the quarter, compared to analysts' expectations of $848.08 million. During the same period in the previous year, the business earned $0.42 earnings per share. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities research analysts anticipate that First Horizon will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.9%. First Horizon's dividend payout ratio (DPR) is presently 36.36%.

First Horizon declared that its board has authorized a share buyback program on Monday, October 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

About First Horizon

(Get Free Report)

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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