First Horizon (NYSE:FHN) Reaches New 1-Year High – Time to Buy?

First Horizon Corporation (NYSE:FHN) reached a new 52-week high during trading on Tuesday . The company traded as high as $25.26 and last traded at $25.0650, with a volume of 202923 shares trading hands. The stock had previously closed at $24.82.

Wall Street Analysts Forecast Growth

FHN has been the subject of several research analyst reports. Citigroup upped their price target on shares of First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. UBS Group restated a “buy” rating and set a $29.00 price objective on shares of First Horizon in a report on Wednesday. Robert W. Baird cut First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, DA Davidson boosted their target price on First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.63.

First Horizon Stock Performance

The company has a 50 day moving average of $24.01 and a 200 day moving average of $22.69. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market cap of $12.71 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 0.97 and a beta of 0.63.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. The company had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the previous year, the business earned $0.43 EPS. As a group, equities research analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is currently 31.91%.

First Horizon declared that its Board of Directors has authorized a stock buyback program on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Anthony J. Restel sold 5,719 shares of the business’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 of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently modified their holdings of the business. Navigoe LLC bought a new stake in shares of First Horizon during the 3rd quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new position in shares of First Horizon during the third quarter valued at approximately $25,000. Root Financial Partners LLC acquired a new stake in shares of First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC lifted its holdings in shares of First Horizon by 873.1% in the 2nd 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 last quarter. Finally, Geneos Wealth Management Inc. boosted its position in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

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.