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 dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

First Horizon Price Performance

FHN stock opened at $21.05 on Friday. The firm has a 50 day moving average of $20.53 and a 200-day moving average of $17.88. 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 Co. has a 12 month low of $13.45 and a 12 month high of $21.82. The firm has a market capitalization of $11.16 billion, a P/E ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

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

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a dividend of $0.15 per share. The ex-dividend date was Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.85%. First Horizon’s payout ratio is presently 44.12%.

Institutional Investors Weigh In On First Horizon

Hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. lifted its position in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. Nemes Rush Group LLC lifted its position in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Versant Capital Management Inc lifted its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. Covestor Ltd lifted its position in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the last quarter. Finally, True Wealth Design LLC bought a new stake in First Horizon during the third quarter valued at approximately $36,000. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FHN. Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Stephens restated an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. UBS Group initiated coverage on shares of First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Barclays raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Finally, Evercore ISI raised their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.04.

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.