First Horizon (NYSE:FHN) Hits New 1-Year High After Dividend Announcement

First Horizon Co. (NYSE:FHN)’s share price reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $17.81 and last traded at $17.74, with a volume of 532852 shares trading hands. The stock had previously closed at $17.29.

The newly announced dividend which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.46%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Analysts Set New Price Targets

FHN has been the subject of several recent research reports. Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday. Stephens lifted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Robert W. Baird set a $17.00 price target on First Horizon in a report on Thursday, October 17th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Finally, JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $17.92.

First Horizon Price Performance

The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average price is $16.16 and its two-hundred day moving average price is $15.73. The stock has a market cap of $9.29 billion, a PE ratio of 12.56, a PEG ratio of 1.30 and a beta of 0.88.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, equities analysts expect that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Woodmont Investment Counsel LLC purchased a new position in First Horizon during the third quarter valued at approximately $165,000. M&G PLC raised its holdings in shares of First Horizon by 2.9% during the 3rd quarter. M&G PLC now owns 618,728 shares of the financial services provider’s stock worth $9,900,000 after acquiring an additional 17,711 shares during the period. Concurrent Investment Advisors LLC purchased a new position in First Horizon in the third quarter worth approximately $174,000. Radnor Capital Management LLC acquired a new position in shares of First Horizon in the 3rd quarter worth approximately $587,000. Finally, Greenwood Capital Associates LLC increased its stake in First Horizon by 10.1% during 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 during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

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.