First Horizon (NYSE:FHN) Reaches New 52-Week High - Here's Why

First Horizon Co. (NYSE:FHN - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $21.82 and last traded at $21.71, with a volume of 380980 shares changing hands. The stock had previously closed at $21.56.

Wall Street Analysts Forecast Growth

FHN has been the topic of several research analyst reports. UBS Group assumed 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. Barclays raised their target price on First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. The Goldman Sachs Group lifted their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada boosted their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.04.

First Horizon Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.41 and a beta of 0.92. The stock has a 50-day moving average of $20.46 and a two-hundred day moving average of $17.75.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping 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 quarter in the prior year, the firm posted $0.32 earnings per share. On average, analysts anticipate that First Horizon Co. will post 1.63 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.15 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.80%. First Horizon's payout ratio is 44.12%.

First Horizon announced that its board has authorized a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Insider Transactions at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, November 12th. The stock was 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 approximately $3,323,452.80. This represents a 5.65 % decrease in their position. 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 bought and sold shares of the business. American Century Companies Inc. raised its stake in First Horizon by 2.3% in the 2nd quarter. American Century Companies Inc. now owns 239,193 shares of the financial services provider's stock worth $3,772,000 after purchasing an additional 5,469 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of First Horizon by 5.9% in the second quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider's stock valued at $1,909,000 after buying an additional 6,696 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in shares of First Horizon by 9.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider's stock valued at $406,000 after acquiring an additional 2,143 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of First Horizon by 11.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 73,396 shares of the financial services provider's stock valued at $1,115,000 after buying an additional 7,436 shares during the period. Finally, Hsbc Holdings PLC lifted its position in shares of First Horizon by 318.6% in the 2nd quarter. Hsbc Holdings PLC now owns 495,113 shares of the financial services provider's stock worth $7,752,000 after purchasing an additional 376,834 shares during the period. 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.