First Horizon Co. (NYSE:FHN) CEO Sells $2,323,877.40 in Stock

First Horizon Co. (NYSE:FHN) CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction on Wednesday, January 22nd. The stock was 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. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

First Horizon Stock Performance

First Horizon stock traded down $0.10 during mid-day trading on Thursday, reaching $20.90. The company’s stock had a trading volume of 6,370,810 shares, compared to its average volume of 5,949,650. The firm has a market cap of $11.08 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 1.21 and a beta of 0.92. First Horizon Co. has a twelve month low of $13.45 and a twelve month high of $21.82. The business has a 50 day moving average price of $20.50 and a 200-day moving average price of $17.82. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

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

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is 44.12%.

First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FHN. Wells Fargo & Company upped their price target on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Stephens restated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Bank of America boosted their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada lifted their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Evercore ISI upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

Hedge Funds Weigh In On First Horizon

A number of institutional investors and hedge funds have recently bought and sold shares of FHN. State Street Corp lifted its holdings in First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after acquiring an additional 4,116,486 shares during the last quarter. Millennium Management LLC grew its holdings in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after buying an additional 4,558,129 shares in the last quarter. Sculptor Capital LP increased its holdings in shares of First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after purchasing an additional 1,570,000 shares during the period. Geode Capital Management LLC lifted its position in First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after buying an additional 61,397 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in First Horizon by 38.8% during the second quarter. AQR Capital Management LLC now owns 5,015,941 shares of the financial services provider’s stock valued at $76,644,000 after purchasing an additional 1,402,436 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

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.