First Horizon Co. (NYSE:FHN) Chairman Daryl G. Byrd Sells 21,572 Shares

First Horizon Co. (NYSE:FHNGet Rating) Chairman Daryl G. Byrd sold 21,572 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $22.90, for a total transaction of $493,998.80. Following the completion of the sale, the chairman now directly owns 1,732,685 shares of the company’s stock, valued at $39,678,486.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Shares of NYSE FHN traded up $0.19 during mid-day trading on Tuesday, reaching $22.92. The company had a trading volume of 2,764,728 shares, compared to its average volume of 8,063,749. The stock has a fifty day moving average of $22.76 and a two-hundred day moving average of $20.10. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 2.95 and a beta of 1.14. First Horizon Co. has a 12-month low of $14.67 and a 12-month high of $24.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.94 and a current ratio of 0.95.

First Horizon (NYSE:FHNGet Rating) last posted its quarterly earnings results on Tuesday, April 19th. The financial services provider reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The business had revenue of $707.00 million for the quarter, compared to the consensus estimate of $707.92 million. First Horizon had a net margin of 30.72% and a return on equity of 13.82%. During the same period in the prior year, the business posted $0.51 earnings per share. Sell-side analysts forecast that First Horizon Co. will post 1.51 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Friday, June 10th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, June 9th. This represents a $0.60 annualized dividend and a dividend yield of 2.62%. First Horizon’s dividend payout ratio is 35.71%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in First Horizon by 124.8% during the fourth quarter. JPMorgan Chase & Co. now owns 28,872,551 shares of the financial services provider’s stock valued at $471,488,000 after acquiring an additional 16,028,243 shares in the last quarter. Segantii Capital Management Ltd acquired a new position in shares of First Horizon during the 1st quarter worth $253,190,000. Bank of New York Mellon Corp raised its holdings in shares of First Horizon by 126.3% during the 1st quarter. Bank of New York Mellon Corp now owns 14,759,941 shares of the financial services provider’s stock valued at $346,710,000 after purchasing an additional 8,237,557 shares in the last quarter. Norges Bank acquired a new stake in shares of First Horizon in the 4th quarter valued at $82,839,000. Finally, Versor Investments LP boosted its holdings in First Horizon by 26,171.6% in the first quarter. Versor Investments LP now owns 4,361,084 shares of the financial services provider’s stock worth $102,442,000 after purchasing an additional 4,344,484 shares in the last quarter. 79.64% of the stock is owned by institutional investors and hedge funds.

A number of research firms have weighed in on FHN. Hovde Group downgraded First Horizon from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 2nd. Jefferies Financial Group lowered First Horizon from a “buy” rating to a “hold” rating and lifted their target price for the stock from $22.00 to $25.00 in a report on Monday, March 7th. Truist Financial upped their price target on shares of First Horizon to $25.00 in a report on Friday. Keefe, Bruyette & Woods lowered shares of First Horizon from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $21.00 to $25.00 in a research report on Monday, March 7th. Finally, StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Friday, April 15th. One research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.11.

About First Horizon (Get Rating)

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.

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