First Horizon (NYSE:FHN) Shares Gap Up to $14.98

First Horizon Co. (NYSE:FHN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $14.98, but opened at $15.42. First Horizon shares last traded at $15.41, with a volume of 1,039,865 shares.

Analyst Ratings Changes

Several brokerages have weighed in on FHN. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Royal Bank of Canada lifted their price objective on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Jefferies Financial Group increased their price objective on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.31.

First Horizon Price Performance

The company has a market cap of $8.24 billion, a price-to-earnings ratio of 10.48, a P/E/G ratio of 3.23 and a beta of 0.89. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $15.56 and a 200 day moving average price of $15.09.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. During the same quarter last year, the business earned $0.39 EPS. As a group, research analysts expect that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.98%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Institutional Trading of First Horizon

Hedge funds and other institutional investors have recently modified their holdings of the business. Rise Advisors LLC acquired a new position in shares of First Horizon in the first quarter worth $25,000. Raleigh Capital Management Inc. purchased a new stake in shares of First Horizon during the 4th quarter worth about $28,000. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon during the 1st quarter valued at about $28,000. Family Firm Inc. bought a new stake in shares of First Horizon in the 2nd quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC raised its position in First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,102 shares in the last quarter. 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.