Insider Selling: First Horizon (NYSE:FHN) CAO Sells $165,637.06 in Stock

First Horizon Corporation (NYSE:FHN) CAO Jeff Fleming sold 7,619 shares of the stock in a transaction on 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 in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Horizon Stock Performance

Shares of First Horizon stock opened at $21.39 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.70. The firm’s 50-day simple moving average is $21.96 and its 200-day simple moving average is $21.33. The firm has a market cap of $10.53 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 0.81 and a beta of 0.70.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The firm had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same period in the previous year, the company earned $0.42 earnings per share. First Horizon’s quarterly revenue was up 7.4% on a year-over-year basis. Equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s dividend payout ratio is currently 36.36%.

First Horizon declared that its Board of Directors has initiated a stock buyback program on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On First Horizon

A number of hedge funds have recently made changes to their positions in the business. Navigoe LLC acquired a new position in shares of First Horizon during the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in First Horizon during the 3rd quarter valued at $25,000. Root Financial Partners LLC acquired a new position in First Horizon during the 3rd quarter worth $31,000. Kestra Investment Management LLC grew its stake in shares of First Horizon by 873.1% in the second 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 in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of First Horizon by 156.7% during the first 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. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

FHN has been the subject of several recent research reports. Cowen initiated coverage on shares of First Horizon in a research note on Wednesday, September 24th. They set a “hold” rating for the company. Keefe, Bruyette & Woods lowered their price objective on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Truist Financial increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. Jefferies Financial Group set a $25.00 target price on First Horizon and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, JPMorgan Chase & Co. lowered their target price on First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.41.

First Horizon Company Profile

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.