First Horizon (NYSE:FHN) Share Price Crosses Above Fifty Day Moving Average – Here’s What Happened

First Horizon Corporation (NYSE:FHN) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $23.65 and traded as high as $24.25. First Horizon shares last traded at $23.8050, with a volume of 6,781,552 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on FHN. UBS Group reiterated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Truist Financial lifted their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, October 19th. Citigroup decreased their price target on shares of First Horizon from $28.50 to $28.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Sunday, October 11th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, October 16th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.07.

First Horizon Price Performance

The company has a current ratio of 0.97, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average price of $23.65 and a two-hundred day moving average price of $24.28. The firm has a market cap of $11.28 billion, a P/E ratio of 17.13, a PEG ratio of 0.97 and a beta of 0.62.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.18 million. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. During the same period in the prior year, the business earned $0.51 EPS. Equities analysts anticipate that First Horizon Corporation will post 2.14 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 11th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, December 11th. First Horizon’s dividend payout ratio is 48.92%.

Insider Buying and Selling at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The shares were 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 owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.91% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently made changes to their positions in FHN. Bank of America Corp DE acquired a new position in First Horizon in the 2nd quarter worth $96,739,000. Renaissance Technologies LLC increased its holdings in First Horizon by 158.0% during the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock worth $12,295,000 after purchasing an additional 330,800 shares in the last quarter. Focus Partners Advisor Solutions LLC bought a new position in First Horizon during the 2nd quarter worth about $1,616,000. Deutsche Bank AG acquired a new stake in shares of First Horizon in the 2nd quarter valued at about $1,175,000. Finally, Vise Technologies Inc. acquired a new stake in shares of First Horizon in the 2nd quarter valued at about $3,327,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

About First Horizon

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.