First Horizon (NYSE:FHN) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Shares of First Horizon Co. (NYSE:FHN) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.35 and traded as high as $20.75. First Horizon shares last traded at $20.46, with a volume of 5,160,896 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on FHN shares. Evercore ISI raised their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada raised their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Stephens upped their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. UBS Group assumed coverage on shares of First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research note on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

First Horizon Stock Performance

The company has a 50 day simple moving average of $19.94 and a 200-day simple moving average of $17.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $10.85 billion, a P/E ratio of 14.83, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92.

First Horizon (NYSE:FHN) last released 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. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the previous year, the company posted $0.27 EPS. On average, equities analysts expect that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On First Horizon

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after acquiring an additional 4,116,486 shares during the last quarter. Dimensional Fund Advisors LP raised its position in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Millennium Management LLC raised its position in First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Sculptor Capital LP lifted its holdings in First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after buying an additional 1,570,000 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after buying an additional 61,397 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

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.