First Horizon (NYSE:FHN) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Shares of First Horizon Co. (NYSE:FHN - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.35 and traded as high as $20.75. First Horizon shares last traded at $20.46, with a volume of 5,160,896 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FHN shares. Keefe, Bruyette & Woods boosted their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a report on Thursday, December 19th. Evercore ISI increased their price objective on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Barclays lifted their target price on First Horizon from $23.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, December 20th. Wells Fargo & Company increased their price target on First Horizon from $18.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 3rd. Finally, 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 report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $21.35.

First Horizon Stock Up 0.1 %

The firm's fifty day moving average is $20.01 and its 200-day moving average is $17.40. The stock has a market capitalization of $10.86 billion, a PE ratio of 14.85, a PEG ratio of 1.51 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $821.63 million. During the same period last year, the firm earned $0.27 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.93%. The ex-dividend date was Friday, December 13th. First Horizon's payout ratio is currently 43.48%.

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

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

Institutional Trading of First Horizon

Several large investors have recently added to or reduced their stakes in FHN. Citigroup Inc. raised its holdings in First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock worth $14,724,000 after buying an additional 285,108 shares during the period. Los Angeles Capital Management LLC grew its stake in First Horizon by 13.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock valued at $13,482,000 after acquiring an additional 100,359 shares in the last quarter. Allen Capital Group LLC increased its holdings in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after purchasing an additional 29,581 shares during the period. Greenwood Capital Associates LLC lifted its position in shares of First Horizon by 10.1% in the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock worth $7,229,000 after purchasing an additional 42,793 shares in the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of First Horizon during the third quarter worth approximately $2,669,000. 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.