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

First Horizon Corporation (NYSE:FHN) saw unusually large options trading on Tuesday. Stock investors acquired 51,690 call options on the company. This is an increase of approximately 729% compared to the typical daily volume of 6,233 call options.

First Horizon Trading Down 1.1%

Shares of First Horizon stock traded down $0.27 during trading hours on Tuesday, reaching $24.05. The stock had a trading volume of 4,868,547 shares, compared to its average volume of 5,381,573. The firm has a market capitalization of $11.39 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 0.98 and a beta of 0.61. First Horizon has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $25.45 and a two-hundred day simple moving average of $24.44.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $887.00 million during the quarter, compared to analysts’ expectations of $878.42 million. During the same quarter in the previous year, the business earned $0.45 EPS. As a group, equities research analysts anticipate that First Horizon will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s payout ratio is 32.54%.

Analyst Ratings Changes

A number of brokerages have issued reports on FHN. Fundamental Research set a $28.50 price target on First Horizon in a research note on Wednesday, July 1st. Wells Fargo & Company initiated coverage on shares of First Horizon in a report on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Evercore set a $27.00 price target on shares of First Horizon in a research note on Monday, July 6th. Finally, Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and a consensus target price of $27.26.

Insider Activity at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of First Horizon stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value 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. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Horizon

Several large investors have recently made changes to their positions in FHN. Kestra Investment Management LLC raised its stake 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 valued at $34,000 after acquiring an additional 1,458 shares during the period. Ancora Advisors LLC purchased a new stake in First Horizon during the 2nd quarter worth $42,000. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% in 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 in the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Basecamp Wealth Advisors LLC raised its position in First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 746 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

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.