First Horizon (NYSE:FHN) Reaches New 12-Month High – Should You Buy?

First Horizon Co. (NYSE:FHN) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $21.82 and last traded at $21.71, with a volume of 380980 shares. The stock had previously closed at $21.56.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Bank of America lifted their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group lifted their price target on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. Stephens reissued an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a research report on Friday. Finally, UBS Group assumed coverage on First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Price Performance

The company has a market cap of $11.50 billion, a PE ratio of 15.97, a PEG ratio of 1.41 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company’s 50-day simple moving average is $20.46 and its 200 day simple moving average is $17.75.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the prior year, the firm earned $0.32 earnings per share. On average, sell-side analysts predict that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.77%. First Horizon’s payout ratio is 44.12%.

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

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Trading of First Horizon

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UMB Bank n.a. increased its position in shares of First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. Nemes Rush Group LLC boosted its holdings in shares of 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 buying an additional 1,378 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of First Horizon by 160.1% in 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 raised its stake in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares in the last quarter. Finally, True Wealth Design LLC bought a new position in shares of First Horizon in the third quarter worth $36,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.