Short Interest in First Horizon Corporation (NYSE:FHN) Increases By 31.1%

First Horizon Corporation (NYSE:FHN) saw a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 12,556,699 shares, an increase of 31.1% from the February 26th total of 9,574,854 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average daily volume of 5,979,810 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Ratings Changes

A number of research firms have recently issued reports on FHN. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the company a “neutral” rating in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, January 16th. Royal Bank Of Canada restated an “outperform” rating and issued a $28.00 price target on shares of First Horizon in a research note on Monday, January 12th. Raymond James Financial lifted their price objective on shares of First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Finally, TD Cowen upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, January 16th. Nine research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.66.

First Horizon Stock Performance

Shares of NYSE:FHN traded down $0.46 during trading on Friday, reaching $22.09. 4,364,646 shares of the stock were exchanged, compared to its average volume of 5,870,314. First Horizon has a 12 month low of $15.19 and a 12 month high of $26.56. The stock has a 50-day moving average price of $23.88 and a 200-day moving average price of $23.08. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $10.55 billion, a PE ratio of 11.75, a PEG ratio of 0.84 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its 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. The company had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter last year, the company earned $0.43 earnings per share. Research analysts expect that First Horizon will post 1.67 EPS for the current fiscal 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 given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio (DPR) is 36.17%.

Insider Transactions at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm’s 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 approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.91% of the company’s stock.

Institutional Investors Weigh In On First Horizon

A number of institutional investors have recently modified their holdings of FHN. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of First Horizon by 313.2% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock worth $1,406,000 after purchasing an additional 47,119 shares in the last quarter. First Horizon Corp acquired a new stake in shares of First Horizon in the third quarter valued at approximately $2,361,000. Allianz Asset Management GmbH bought a new stake in shares of First Horizon in the third quarter valued at approximately $6,416,000. Voya Investment Management LLC boosted its stake in shares of First Horizon by 301.4% in the third quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after buying an additional 172,599 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in First Horizon during the third quarter worth approximately $1,211,000. Institutional investors own 80.28% of the company’s stock.

About First Horizon

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.