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

First Horizon Corporation (NYSE:FHN) saw some unusual options trading activity on Monday. Investors bought 30,287 call options on the company. This represents an increase of 74% compared to the typical daily volume of 17,374 call options.

Wall Street Analyst Weigh In

Several research firms have issued reports on FHN. Deutsche Bank Aktiengesellschaft assumed coverage on First Horizon in a research report on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price on the stock. Robert W. Baird restated a “neutral” rating and issued a $25.00 target price on shares of First Horizon in a research note on Thursday, December 11th. Stephens lifted their target price on First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Keefe, Bruyette & Woods upped their price target on First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, January 16th. Finally, Raymond James Financial increased their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $26.66.

Insider Buying and Selling

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On First Horizon

A number of institutional investors have recently made changes to their positions in FHN. Norges Bank bought a new position in shares of First Horizon during the 4th quarter valued at $153,942,000. Artemis Investment Management LLP bought a new stake in First Horizon in the fourth quarter worth $90,319,000. Azora Capital LP boosted its position in First Horizon by 1,020.5% during the second quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock valued at $55,337,000 after buying an additional 2,377,300 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in First Horizon during the third quarter valued at about $49,180,000. Finally, JPMorgan Chase & Co. grew its stake in shares of First Horizon by 45.0% during the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after buying an additional 2,091,865 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN stock traded up $0.27 during mid-day trading on Monday, hitting $22.01. 1,230,119 shares of the stock were exchanged, compared to its average volume of 6,491,892. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $10.63 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 0.82 and a beta of 0.61. The business has a fifty day moving average price of $24.34 and a 200 day moving average price of $23.11. First Horizon has a 12 month low of $15.19 and a 12 month high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The company had revenue of $892.00 million for the quarter, compared to analysts’ expectations 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 last year, the firm posted $0.43 EPS. On average, sell-side analysts anticipate that First Horizon will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s payout ratio is 36.17%.

First Horizon Company Profile

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.