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 firm’s stock in a transaction that occurred 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 approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

First Horizon Price Performance

Shares of NYSE FHN opened at $20.16 on Friday. The stock has a market capitalization of $10.69 billion, a PE ratio of 14.61, 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 current ratio of 0.96 and a quick ratio of 0.95. The business has a fifty day moving average price of $16.75 and a two-hundred day moving average price of $16.06. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $20.53.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 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 company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the previous year, the firm earned $0.27 EPS. As a group, equities analysts predict that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

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 issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.98%. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

Hedge Funds Weigh In On First Horizon

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased 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 worth $886,640,000 after purchasing an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp increased its holdings 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 worth $510,782,000 after purchasing an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings 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 worth $244,647,000 after purchasing an additional 3,470,346 shares in the last quarter. Millennium Management LLC increased 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 worth $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management increased its holdings 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 worth $221,187,000 after purchasing an additional 692,100 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

FHN has been the subject of a number of analyst reports. Barclays raised their price target on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Raymond James lifted their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Stephens boosted their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. reduced their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus 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.