First Horizon Corporation (NYSE:FHN - Get Free Report) EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares of the company's stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
First Horizon Price Performance
First Horizon stock opened at $24.54 on Tuesday. The company's 50 day simple moving average is $25.48 and its 200-day simple moving average is $24.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a market capitalization of $11.62 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.
First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same quarter last year, the firm earned $0.45 EPS. As a group, equities research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.
First Horizon Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon's payout ratio is presently 32.54%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of FHN. Goldman Sachs Group Inc. raised its position in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock valued at $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of 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 buying an additional 1,095 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock worth $174,000 after buying an additional 3,835 shares in the last quarter. Federated Hermes Inc. grew its position in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after buying an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after buying an additional 26,323 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
FHN has been the topic of several research reports. Raymond James Financial raised their target price on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Wells Fargo & Company began coverage on shares of First Horizon in a research note on Monday, August 10th. They set an "equal weight" rating and a $28.00 price target on the stock. Evercore set a $27.00 price target on shares of First Horizon in a research report on Monday, July 6th. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings raised shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $27.26.
Get Our Latest Report on First Horizon
First Horizon Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
