First Horizon Sees Unusually High Options Volume (NYSE:FHN)

First Horizon Corporation (NYSE:FHN) was the target of unusually large options trading on Wednesday. Stock traders bought 100,171 call options on the company. This represents an increase of 1,415% compared to the typical volume of 6,613 call options.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company lowered their price target on First Horizon from $28.00 to $25.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 30th. Raymond James Financial cut their price objective on First Horizon from $28.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday. Morgan Stanley set a $31.00 price objective on First Horizon in a research note on Friday. National Bank Financial set a $30.00 price objective on First Horizon in a research note on Tuesday, September 8th. Finally, Hovde Group assumed coverage on First Horizon in a report on Thursday, September 17th. They set a “market perform” rating and a $25.00 target price for the company. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, First Horizon presently has an average rating of “Hold” and a consensus price target of $27.07.

First Horizon Stock Up 0.5%

Shares of NYSE:FHN traded up $0.12 during mid-day trading on Wednesday, hitting $23.18. 1,294,524 shares of the company traded hands, compared to its average volume of 5,478,785. The firm has a market cap of $10.98 billion, a P/E ratio of 16.68, a PEG ratio of 0.98 and a beta of 0.61. First Horizon has a 52-week low of $20.40 and a 52-week high of $26.56. The firm’s 50 day simple moving average is $24.05 and its 200 day simple moving average is $24.53. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. The company had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.18 million. During the same quarter last year, the company earned $0.51 earnings per share. On average, equities analysts anticipate that First Horizon will post 2.14 EPS for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 11th were issued a $0.17 dividend. The ex-dividend date was Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. First Horizon’s payout ratio is currently 48.92%.

Insider Activity at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.91% of the stock is currently owned by insiders.

Institutional Trading of First Horizon

Large investors have recently modified their holdings of the business. Ancora Advisors LLC acquired a new position in shares of First Horizon in the second quarter worth about $42,000. Basecamp Wealth Advisors LLC boosted its holdings in First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 746 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in First Horizon by 58.1% in the second quarter. Parkside Financial Bank & Trust now owns 2,352 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 864 shares during the last quarter. Transamerica Financial Advisors LLC acquired a new stake in First Horizon during the 2nd quarter valued at approximately $70,000. Finally, Cedar Mountain Advisors LLC acquired a new stake in First Horizon during the 1st quarter valued at approximately $77,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Company Profile

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.