First Horizon (NYSE:FHN) Sets New 52-Week High at $16.33

First Horizon Co. (NYSE:FHN) shares reached a new 52-week high during trading on Thursday . The company traded as high as $16.33 and last traded at $16.32, with a volume of 2463590 shares traded. The stock had previously closed at $15.70.

Analyst Ratings Changes

A number of research firms have recently commented on FHN. Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Wedbush reissued an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. Wells Fargo & Company boosted their price objective on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Thursday, July 4th. Finally, Jefferies Financial Group lifted their target price on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $17.15.

First Horizon Stock Up 5.5 %

The business has a 50 day simple moving average of $15.42 and a 200 day simple moving average of $14.77. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $9.06 billion, a PE ratio of 10.97, a P/E/G ratio of 2.02 and a beta of 0.89.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, equities research analysts forecast that First Horizon Co. will post 1.51 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.15 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.62%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

Hedge Funds Weigh In On First Horizon

Several large investors have recently added to or reduced their stakes in the company. OLD National Bancorp IN grew its stake in shares of First Horizon by 10.3% in the 2nd quarter. OLD National Bancorp IN now owns 12,059 shares of the financial services provider’s stock valued at $190,000 after purchasing an additional 1,130 shares during the period. Simplicity Wealth LLC grew its stake in shares of First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after purchasing an additional 786 shares during the period. CWM LLC grew its stake in shares of First Horizon by 49.2% in the 2nd quarter. CWM LLC now owns 58,107 shares of the financial services provider’s stock valued at $916,000 after purchasing an additional 19,157 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of First Horizon by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 46,608 shares of the financial services provider’s stock valued at $735,000 after purchasing an additional 34,011 shares during the period. Finally, Lynx Investment Advisory bought a new stake in shares of First Horizon in the 2nd quarter valued at approximately $433,000. Institutional investors and hedge funds 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.