First Horizon (NYSE:FHN) Hits New 52-Week High After Dividend Announcement

First Horizon Co. (NYSE:FHN) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $17.81 and last traded at $17.74, with a volume of 532852 shares. The stock had previously closed at $17.29.

The newly announced dividend which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.38%. First Horizon’s dividend payout ratio is presently 41.96%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price objective on shares of First Horizon in a report on Wednesday, July 17th. Stephens increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Jefferies Financial Group upped their target price on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Finally, Barclays boosted their price target on First Horizon from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.77.

First Horizon Stock Up 2.6 %

The firm has a market cap of $9.70 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.30 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The firm’s fifty day moving average is $16.13 and its 200 day moving average is $15.71.

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 company had revenue of $1.32 billion for the quarter, compared to analyst estimates 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 last year, the company earned $0.27 earnings per share. As a group, equities research analysts anticipate that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

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

Institutional Trading of First Horizon

Several large investors have recently made changes to their positions in FHN. UMB Bank n.a. grew its position in First Horizon by 365.0% in 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 last quarter. Fidelis Capital Partners LLC bought a new stake in shares of First Horizon during the 1st quarter valued at approximately $28,000. Family Firm Inc. bought a new position in First Horizon in the 2nd quarter valued at approximately $28,000. Nemes Rush Group LLC lifted its stake in First Horizon by 306.2% in the 2nd 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. Finally, Industrial Alliance Investment Management Inc. bought a new stake in shares of First Horizon during the second quarter worth $31,000. Institutional investors and hedge funds 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.