First Horizon Co. (NYSE:FHN) CEO Sells $2,323,877.40 in Stock

First Horizon Co. (NYSE:FHN) CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

First Horizon Stock Performance

First Horizon stock opened at $21.05 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm’s fifty day moving average price is $20.53 and its 200 day moving average price is $17.90. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $21.82.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period last year, the business posted $0.32 EPS. On average, research analysts forecast that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.85%. The ex-dividend date was Friday, December 13th. First Horizon’s dividend payout ratio is currently 44.12%.

Hedge Funds Weigh In On First Horizon

Several large investors have recently modified their holdings of FHN. Chicago Partners Investment Group LLC bought a new position in First Horizon during the 4th quarter worth approximately $208,000. DMC Group LLC lifted its stake in First Horizon by 22.0% during the fourth quarter. DMC Group LLC now owns 30,701 shares of the financial services provider’s stock worth $618,000 after purchasing an additional 5,527 shares during the last quarter. Highland Capital Management LLC boosted its holdings in First Horizon by 7.2% in the fourth quarter. Highland Capital Management LLC now owns 339,664 shares of the financial services provider’s stock worth $6,841,000 after purchasing an additional 22,709 shares during the period. Gries Financial LLC raised its holdings in shares of First Horizon by 7.4% during the fourth quarter. Gries Financial LLC now owns 15,641 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 1,076 shares during the period. Finally, Allen Capital Group LLC raised its holdings in shares of First Horizon by 17.5% during the fourth quarter. Allen Capital Group LLC now owns 61,827 shares of the financial services provider’s stock worth $1,245,000 after purchasing an additional 9,215 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. The Goldman Sachs Group boosted their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company upped their price objective on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. JPMorgan Chase & Co. boosted their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, UBS Group initiated coverage on First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.04.

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.