Insider Selling: First Horizon Co. (NYSE:FHN) Director Sells $199,200.00 in Stock

First Horizon Co. (NYSE:FHN) Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

First Horizon Stock Up 1.1 %

Shares of First Horizon stock opened at $20.38 on Friday. The business has a 50-day moving average price of $16.85 and a 200 day moving average price of $16.09. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $20.53. The firm has a market cap of $10.80 billion, a P/E ratio of 14.76, a P/E/G ratio of 1.50 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same period in the previous year, the business earned $0.27 EPS. On average, sell-side analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a share buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy 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.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

Hedge Funds Weigh In On First Horizon

A number of hedge funds and other institutional investors have recently bought and sold shares of FHN. UMB Bank n.a. boosted its holdings in shares of 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 acquiring an additional 1,325 shares during the period. Family Firm Inc. acquired a new position in First Horizon during the 2nd quarter valued at about $28,000. Nemes Rush Group LLC raised its holdings in shares of 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 buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in First Horizon in the 2nd quarter worth approximately $31,000. Finally, Covestor Ltd increased its position in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on FHN. Barclays lifted their price objective on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Stephens boosted their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $18.38.

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.