First Horizon Co. (NYSE:FHN) Short Interest Update

First Horizon Co. (NYSE:FHN) was the recipient of a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 13,480,000 shares, a growth of 34.0% from the April 15th total of 10,060,000 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average trading volume of 6,440,000 shares, the days-to-cover ratio is presently 2.1 days.

First Horizon Stock Performance

FHN opened at $15.94 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $14.99 and its 200-day moving average is $13.98. The stock has a market cap of $8.72 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94. First Horizon has a twelve month low of $9.71 and a twelve month high of $16.06.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. During the same quarter in the previous year, the business earned $0.46 EPS. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, analysts predict that First Horizon will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.76%. First Horizon’s dividend payout ratio is presently 41.96%.

First Horizon announced that its board has approved a share repurchase program on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FHN shares. Barclays began coverage on shares of First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price for the company. Wedbush restated an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lifted their target price on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Robert W. Baird upped their price target on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. Finally, Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

Institutional Trading of First Horizon

A number of institutional investors have recently made changes to their positions in FHN. Rise Advisors LLC acquired a new stake in First Horizon in the first quarter worth approximately $25,000. Raleigh Capital Management Inc. bought a new stake in shares of First Horizon in the 4th quarter worth $28,000. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon in the first quarter valued at $28,000. Fortitude Family Office LLC boosted its stake in First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after buying an additional 1,102 shares in the last quarter. Finally, Richardson Financial Services Inc. acquired a new position in First Horizon during the fourth quarter worth about $35,000. 80.28% of the stock is owned by institutional investors and hedge funds.

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.