D Bryan Jordan Sells 109,980 Shares of First Horizon Co. (NYSE:FHN) Stock

First Horizon Co. (NYSE:FHN) CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, 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 accessible through the SEC website.

First Horizon Stock Performance

Shares of First Horizon stock opened at $21.05 on Friday. First Horizon Co. has a 12 month low of $13.45 and a 12 month high of $21.82. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market cap of $11.16 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business has a fifty day simple moving average of $20.53 and a 200-day simple moving average of $17.90.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the firm posted $0.32 earnings per share. On average, sell-side analysts anticipate that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon declared that its board has approved a stock repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.85%. First Horizon’s payout ratio is 44.12%.

Hedge Funds Weigh In On First Horizon

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its position 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 during the last quarter. State Street Corp raised its position in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after acquiring an additional 4,116,486 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in First Horizon in the third quarter worth approximately $39,242,000. Sculptor Capital LP increased its stake in shares of First Horizon by 18.2% during the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after purchasing an additional 1,570,000 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of First Horizon by 38.8% during the 2nd quarter. AQR Capital Management LLC now owns 5,015,941 shares of the financial services provider’s stock valued at $76,644,000 after purchasing an additional 1,402,436 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on FHN shares. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Robert W. Baird set a $17.00 price target on First Horizon in a report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price objective on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Stephens reaffirmed an “overweight” rating and set a $24.00 target price on shares of First Horizon in a research note on Friday, January 17th. Finally, The Goldman Sachs Group increased their price target on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

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.