First Horizon (NYSE:FHN) Hits New 1-Year High – Time to Buy?

First Horizon Corporation (NYSE:FHN)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $25.26 and last traded at $25.0650, with a volume of 202923 shares. The stock had previously closed at $24.82.

Analyst Upgrades and Downgrades

FHN has been the topic of several recent analyst reports. Citigroup boosted their target price on shares of First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. Robert W. Baird lowered First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. National Bankshares set a $27.00 price target on First Horizon in a research note on Friday, January 16th. Evercore ISI reaffirmed an “in-line” rating and set a $20.00 price objective (down from $26.00) on shares of First Horizon in a report on Thursday, October 16th. Finally, TD Cowen boosted their price target on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

First Horizon Stock Performance

The firm has a fifty day moving average of $23.87 and a 200-day moving average of $22.65. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market cap of $12.35 billion, a P/E ratio of 13.38, a PEG ratio of 0.92 and a beta of 0.63.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The business had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. During the same period in the previous year, the firm posted $0.43 earnings per share. Research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio is currently 31.91%.

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

Insider Transactions at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares in the company, valued at $15,075,864.20. This represents a 0.92% decrease in their position. The SEC filing for this sale provides additional information. 1.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Horizon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHN. Atlantic Union Bankshares Corp bought a new position in First Horizon in the third quarter valued at approximately $25,000. Navigoe LLC acquired a new position in shares of First Horizon in the third quarter valued at approximately $25,000. Root Financial Partners LLC acquired a new position in First Horizon in the 3rd quarter valued at $31,000. Kestra Investment Management LLC increased its position in First Horizon by 873.1% during 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, TD Waterhouse Canada Inc. increased its holdings in shares of First Horizon by 122.3% during the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 900 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.