Investors Purchase High Volume of Call Options on First Horizon (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) saw unusually large options trading on Monday. Traders acquired 20,052 call options on the company. This is an increase of 207% compared to the typical volume of 6,523 call options.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Truist Financial raised their price target on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, July 10th. Evercore set a $27.00 price target on shares of First Horizon in a report on Monday, July 6th. Finally, Fundamental Research set a $28.50 price objective on shares of First Horizon in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.31.

Insider Activity

In other news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FHN. QRG Capital Management Inc. bought a new stake in First Horizon during the second quarter valued at about $261,000. Sequoia Financial Advisors LLC increased its stake in shares of First Horizon by 18.6% in the second quarter. Sequoia Financial Advisors LLC now owns 29,393 shares of the financial services provider’s stock worth $754,000 after purchasing an additional 4,610 shares during the period. Tidal Investments LLC increased its stake in shares of First Horizon by 232.0% in the second quarter. Tidal Investments LLC now owns 128,311 shares of the financial services provider’s stock worth $3,290,000 after purchasing an additional 89,660 shares during the period. Van Hulzen Asset Management LLC lifted its position in shares of First Horizon by 4.7% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 31,360 shares of the financial services provider’s stock worth $804,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in shares of First Horizon by 6.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 21,396 shares of the financial services provider’s stock worth $549,000 after purchasing an additional 1,385 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Down 0.3%

Shares of First Horizon stock opened at $23.11 on Wednesday. The stock has a market capitalization of $10.95 billion, a P/E ratio of 11.06, a PEG ratio of 0.93 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $24.84 and a two-hundred day moving average price of $24.44. First Horizon has a 12-month low of $19.80 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The company had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same quarter last year, the company posted $0.45 earnings per share. Equities analysts expect that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is 32.54%.

First Horizon Company Profile

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.