StockNews.com Begins Coverage on First Horizon (NYSE:FHN)

StockNews.com started coverage on shares of First Horizon (NYSE:FHN – Get Rating) in a research note issued to investors on Thursday. The brokerage issued a sell rating on the financial services provider’s stock.

First Horizon Trading Down 4.0 %

First Horizon stock opened at $14.93 on Thursday. The company has a market cap of $8.02 billion, a price-to-earnings ratio of 9.76, a P/E/G ratio of 1.61 and a beta of 0.93. The firm has a 50-day moving average of $23.25 and a 200-day moving average of $23.72. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.94 and a quick ratio of 0.93. First Horizon has a one year low of $13.40 and a one year high of $24.92.

First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings results on Wednesday, January 18th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. The firm had revenue of $882.00 million during the quarter, compared to analysts’ expectations of $883.23 million. First Horizon had a return on equity of 12.98% and a net margin of 25.66%. During the same period in the prior year, the firm posted $0.48 earnings per share. On average, equities analysts expect that First Horizon will post 1.89 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Friday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.02%. The ex-dividend date is Thursday, March 16th. First Horizon’s dividend payout ratio (DPR) is currently 39.22%.

Insider Activity

In other news, CEO D Bryan Jordan sold 93,157 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $24.80, for a total value of $2,310,293.60. Following the sale, the chief executive officer now directly owns 1,396,259 shares of the company’s stock, valued at approximately $34,627,223.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other First Horizon news, CEO D Bryan Jordan sold 93,157 shares of the business’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $24.80, for a total transaction of $2,310,293.60. Following the transaction, the chief executive officer now owns 1,396,259 shares of the company’s stock, valued at $34,627,223.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Terry Lawson Akins sold 4,694 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $24.67, for a total value of $115,800.98. Following the completion of the sale, the executive vice president now directly owns 145,691 shares of the company’s stock, valued at $3,594,196.97. The disclosure for this sale can be found here. Insiders own 1.55% of the company’s stock.

Hedge Funds Weigh In On First Horizon

Several large investors have recently modified their holdings of FHN. Vanguard Group Inc. grew its stake in First Horizon by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 52,975,376 shares of the financial services provider’s stock valued at $1,213,136,000 after buying an additional 784,435 shares during the last quarter. State Street Corp increased its stake in shares of First Horizon by 7.5% during the third quarter. State Street Corp now owns 18,554,395 shares of the financial services provider’s stock worth $427,545,000 after purchasing an additional 1,302,014 shares during the period. FMR LLC lifted its holdings in First Horizon by 20.7% during the 2nd quarter. FMR LLC now owns 16,717,075 shares of the financial services provider’s stock worth $365,436,000 after purchasing an additional 2,861,554 shares during the last quarter. Franklin Resources Inc. boosted its stake in First Horizon by 5.7% in the 4th quarter. Franklin Resources Inc. now owns 11,773,317 shares of the financial services provider’s stock valued at $288,446,000 after purchasing an additional 635,481 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in First Horizon by 11.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,525,265 shares of the financial services provider’s stock valued at $282,369,000 after buying an additional 1,179,154 shares in the last quarter. 77.41% of the stock is owned by institutional investors.

First Horizon Company Profile

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.