First Horizon (NYSE:FHN) Sets New 12-Month High at $15.93

First Horizon Co. (NYSE:FHN)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $15.93 and last traded at $15.67, with a volume of 2261371 shares traded. The stock had previously closed at $15.67.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Wells Fargo & Company increased their target price on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Barclays began coverage on First Horizon in a research note on Friday, March 8th. They set an “overweight” rating and a $18.00 price target for the company. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and upped their price target for the company from $16.00 to $18.00 in a research report on Friday, April 5th. Finally, Wedbush reissued an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $16.15.

First Horizon Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. The firm’s fifty day moving average is $14.76 and its two-hundred day moving average is $13.69. The company has a market cap of $8.77 billion, a P/E ratio of 11.05, a P/E/G ratio of 4.30 and a beta of 0.94.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million during the quarter, compared to analyst estimates of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. As a group, analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s payout ratio is currently 41.96%.

First Horizon declared that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of First Horizon

Institutional investors and hedge funds have recently bought and sold shares of the stock. Macroview Investment Management LLC purchased a new position in shares of First Horizon during the third quarter valued at about $25,000. Rise Advisors LLC bought a new position in First Horizon during the first quarter valued at approximately $25,000. Raleigh Capital Management Inc. purchased a new position in First Horizon during the 4th quarter valued at approximately $28,000. Fidelis Capital Partners LLC bought a new stake in First Horizon in the 1st quarter worth approximately $28,000. Finally, Fortitude Family Office LLC increased its stake in First Horizon by 129.3% in the 1st quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,102 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

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.