First Horizon (NYSE:FHN) Hits New 52-Week High Following Dividend Announcement

First Horizon Co. (NYSE:FHN - Get Free Report) reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $21.83 and last traded at $21.89, with a volume of 789681 shares traded. The stock had previously closed at $21.29.

The newly announced dividend which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.74%. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Bank of America upped their price objective on First Horizon from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Evercore ISI upped their target price on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Stephens reissued an "overweight" rating and issued a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Finally, UBS Group began coverage on First Horizon in a research report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $22.04.

First Horizon Stock Up 2.0 %

The stock has a fifty day moving average of $20.61 and a two-hundred day moving average of $18.00. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market cap of $11.63 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) 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 last year, the business earned $0.32 EPS. As a group, analysts predict that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a stock buyback 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 usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction that occurred 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 completion of the transaction, the director now owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,954 shares of company stock valued at $4,519,333 over the last three months. 0.87% of the stock is owned by insiders.

Hedge Funds Weigh In On First Horizon

Hedge funds and other institutional investors have recently made changes to their positions in the business. UMB Bank n.a. raised its holdings 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 worth $26,000 after purchasing an additional 1,325 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of First Horizon by 160.1% in 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 in the last quarter. Kentucky Trust Co bought a new position in shares of First Horizon in the fourth quarter valued at $32,000. Covestor Ltd increased its holdings 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 valued at $34,000 after buying an additional 651 shares in the last quarter. Finally, True Wealth Design LLC bought a new position in shares of First Horizon in the third quarter valued at $36,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

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.