First Horizon Target of Unusually High Options Trading (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) was the recipient of unusually large options trading on Monday. Stock investors bought 30,287 call options on the stock. This is an increase of 74% compared to the typical volume of 17,374 call options.

Insider Buying and Selling at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the transaction, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.04% of the stock is owned by corporate insiders.

Institutional Trading of First Horizon

Several hedge funds have recently made changes to their positions in the company. Navigoe LLC bought a new position in shares of First Horizon during the 3rd quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new stake in First Horizon during the third quarter valued at about $25,000. Root Financial Partners LLC purchased a new stake in First Horizon during the third quarter valued at about $31,000. Kestra Investment Management LLC boosted 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 purchasing an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

NYSE FHN traded up $0.27 during trading hours on Monday, reaching $22.01. 1,230,119 shares of the company were exchanged, compared to its average volume of 6,491,892. The stock has a market capitalization of $10.63 billion, a P/E ratio of 11.71, a P/E/G ratio of 0.82 and a beta of 0.61. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon has a 1 year low of $15.19 and a 1 year high of $26.56. The business’s 50 day simple moving average is $24.34 and its 200-day simple moving average is $23.11.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating 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 firm had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. During the same period in the prior year, the firm earned $0.43 EPS. On average, equities research analysts expect that First Horizon will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.1%. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is currently 36.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Robert W. Baird restated a “neutral” rating and set a $25.00 price objective on shares of First Horizon in a research note on Thursday, December 11th. DA Davidson increased their target price on shares of First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, January 16th. Truist Financial set a $27.00 price target on shares of First Horizon in a report on Friday, January 9th. Weiss Ratings raised shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Horizon in a research note on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $26.66.

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.