First Horizon (NYSE:FHN) Hits New 1-Year High - Should You Buy?

First Horizon Co. (NYSE:FHN - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $22.19 and last traded at $22.09, with a volume of 66278 shares traded. The stock had previously closed at $22.04.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a report on Friday, January 17th. Barclays upped their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. The Goldman Sachs Group lifted their price target 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. Stephens restated an "overweight" rating and set a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. Finally, UBS Group started coverage on First Horizon in a report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 target price for the company. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.04.

First Horizon Price Performance

The company has a market cap of $11.71 billion, a PE ratio of 16.25, a PEG ratio of 1.26 and a beta of 0.92. 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 stock's 50-day moving average is $20.74 and its 200 day moving average is $18.28.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $0.32 earnings per share. On average, equities analysts anticipate that First Horizon Co. will post 1.64 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.72%. First Horizon's payout ratio is 44.12%.

First Horizon declared that its Board of Directors has approved a stock buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares of the company's stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Horizon

Institutional investors have recently modified their holdings of the stock. UMB Bank n.a. raised its position in 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 in the last quarter. Versant Capital Management Inc grew its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock valued at $29,000 after buying an additional 884 shares during the period. Jones Financial Companies Lllp purchased a new position in First Horizon in the fourth quarter valued at $30,000. Kentucky Trust Co purchased a new position in First Horizon in the fourth quarter valued at $32,000. Finally, Covestor Ltd raised its position in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after acquiring an additional 651 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

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.