First Horizon (NYSE:FHN) Sets New 52-Week High Following Dividend Announcement

First Horizon Co. (NYSE:FHN) hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $21.83 and last traded at $21.89, with a volume of 789681 shares changing hands. The stock had previously closed at $21.29.

The newly announced dividend which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.73%. First Horizon’s dividend payout ratio (DPR) is 44.12%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. The Goldman Sachs Group upped their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Bank of America lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Raymond James upped their price objective on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Barclays lifted their target price on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $22.04.

First Horizon Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $11.63 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The firm’s 50-day moving average price is $20.57 and its two-hundred day moving average price is $17.98.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the company posted $0.32 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon announced that its Board of Directors has approved a share buyback program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 220,954 shares of company stock valued at $4,519,333. 0.87% of the stock is currently owned by insiders.

Institutional Trading of First Horizon

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Salzhauer Michael increased its position in First Horizon by 10.7% during the 4th quarter. Salzhauer Michael now owns 258,618 shares of the financial services provider’s stock worth $5,209,000 after purchasing an additional 25,000 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in shares of First Horizon by 2.9% during the fourth quarter. Apollon Wealth Management LLC now owns 54,778 shares of the financial services provider’s stock worth $1,103,000 after buying an additional 1,521 shares in the last quarter. Lecap Asset Management Ltd. lifted its stake in shares of First Horizon by 18.3% in the 4th quarter. Lecap Asset Management Ltd. now owns 52,698 shares of the financial services provider’s stock valued at $1,061,000 after acquiring an additional 8,154 shares during the last quarter. Tandem Financial LLC acquired a new stake in shares of First Horizon during the 4th quarter valued at $74,000. Finally, Bleakley Financial Group LLC boosted its holdings in shares of First Horizon by 4.0% during the 4th quarter. Bleakley Financial Group LLC now owns 30,638 shares of the financial services provider’s stock valued at $617,000 after acquiring an additional 1,186 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.