Stock Traders Buy Large Volume of First Horizon Call Options (NYSE:FHN)

First Horizon Co. (NYSE:FHN) was the recipient of some unusual options trading on Tuesday. Stock traders bought 6,071 call options on the company. This represents an increase of approximately 213% compared to the typical daily volume of 1,937 call options.

First Horizon Stock Up 0.3 %

NYSE:FHN traded up $0.06 during trading hours on Tuesday, hitting $20.22. 861,106 shares of the company traded hands, compared to its average volume of 6,572,539. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $19.34 and its 200-day simple moving average is $16.96. First Horizon has a one year low of $12.95 and a one year high of $21.72. The company has a market cap of $10.72 billion, a PE ratio of 14.65, a PEG ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the business earned $0.27 EPS. Equities analysts predict that First Horizon will post 1.49 earnings per share for the current year.

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

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, The Goldman Sachs Group boosted their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Insider Buying and Selling at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. raised its position in shares of First Horizon by 552.9% in the third quarter. Franklin Resources Inc. now owns 273,693 shares of the financial services provider’s stock valued at $4,502,000 after purchasing an additional 231,773 shares during the period. Tidal Investments LLC lifted its holdings in shares of First Horizon by 5.9% during the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock worth $1,035,000 after acquiring an additional 3,722 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of First Horizon in the 3rd quarter worth about $127,000. Sanctuary Advisors LLC lifted its holdings in shares of First Horizon by 16.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 3,540 shares during the last quarter. Finally, Virtu Financial LLC boosted its stake in shares of First Horizon by 227.0% in the 3rd quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock valued at $519,000 after purchasing an additional 23,203 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

About First Horizon

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.