First Horizon (NYSE:FHN) Sets New 12-Month High at $15.93

Shares of First Horizon Co. (NYSE:FHN) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $15.93 and last traded at $15.67, with a volume of 2261371 shares traded. The stock had previously closed at $15.67.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a report on Friday, April 5th. Barclays assumed coverage on shares of First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Stock Performance

The company’s fifty day simple moving average is $14.73 and its two-hundred day simple moving average is $13.65. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 4.14 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.46 earnings per share. On average, analysts forecast that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.80%. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently added to or reduced their stakes in FHN. Macroview Investment Management LLC bought a new position in shares of First Horizon in the third quarter valued at approximately $25,000. Rise Advisors LLC bought a new position in shares of First Horizon in the first quarter valued at approximately $25,000. Raleigh Capital Management Inc. bought a new position in shares of First Horizon in the fourth quarter valued at approximately $28,000. Fidelis Capital Partners LLC bought a new position in shares of First Horizon in the first quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC boosted its position in shares of First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,102 shares during the period. Institutional investors own 80.28% of the company’s stock.

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.