First Horizon (NYSE:FHN) Shares Pass Above 200 Day Moving Average – What’s Next?

First Horizon Co. (NYSE:FHN)’s share price 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 Analyst Weigh In

FHN has been the subject of a number of research reports. Wells Fargo & Company increased their target price on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. reduced their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods boosted their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. UBS Group assumed coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $21.00.

First Horizon Stock Performance

The company has a fifty day moving average price of $19.94 and a 200 day moving average price of $17.35. 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 has a market cap of $10.85 billion, a P/E ratio of 14.83, a P/E/G ratio of 1.51 and a beta of 0.92.

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

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.93%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon announced that its Board of Directors has initiated a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the 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 sale, the director now directly owns 166,840 shares of the company’s stock, valued at $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. 0.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. UMB Bank n.a. grew 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 buying an additional 1,325 shares during the period. Nemes Rush Group LLC boosted its stake in First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,378 shares during the last quarter. Versant Capital Management Inc boosted its stake in 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 acquiring an additional 884 shares during the last quarter. Covestor Ltd grew its position in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares during the period. Finally, True Wealth Design LLC purchased a new stake in shares of First Horizon during the 3rd quarter worth approximately $36,000. Institutional investors 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.