First Horizon (NYSE:FHN) Reaches New 1-Year High - Here's Why

First Horizon Co. (NYSE:FHN - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $22.44 and last traded at $22.43, with a volume of 4412502 shares. The stock had previously closed at $22.08.

Wall Street Analysts Forecast Growth

FHN has been the topic of several analyst reports. 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 report on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a report on Thursday, December 19th. Bank of America lifted their price target on First Horizon from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Royal Bank of Canada lifted their price target on First Horizon from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, December 11th. Finally, Raymond James lifted their price target on First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.04.

First Horizon Stock Performance

The company has a market capitalization of $11.72 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 1.26 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 firm has a 50-day simple moving average of $20.89 and a two-hundred day simple moving average of $18.45.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 period in the prior year, the company posted $0.32 earnings per share. On average, sell-side analysts anticipate that First Horizon Co. will post 1.64 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's dividend payout ratio is currently 44.12%.

First Horizon declared that its board has authorized a stock repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares of the company's stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company's stock.

Hedge Funds Weigh In On First Horizon

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its stake 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 worth $29,000 after purchasing an additional 884 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in First Horizon during the fourth quarter worth approximately $30,000. Kentucky Trust Co purchased a new stake in First Horizon during the fourth quarter worth approximately $32,000. Covestor Ltd lifted its stake in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after purchasing an additional 651 shares during the last quarter. Finally, True Wealth Design LLC purchased a new stake in First Horizon during the third quarter worth approximately $36,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.