In a recent filing with the Securities and Exchange Commission, Harry V. Barton Jr., a director at First Horizon Corp (NYSE:FHN), disclosed the sale of 10,000 shares of the company's common stock. The transactions, which took place on November 12, 2024, were executed at prices ranging from $19.92 to $19.925 per share, resulting in a total value of $199,202.
Following these transactions, Barton now holds 166,840 shares of First Horizon Corp. The sales were carried out through direct ownership, as indicated in the filing. Investors often track such insider transactions to gauge the sentiment of company executives and directors.
In other recent news, First Horizon National Corporation has been the focus of several analyst adjustments following a strong third quarter. Baird raised the company's price target from $16 to $17, maintaining a Neutral rating. The firm acknowledged First Horizon's better-than-expected third-quarter performance, particularly noting the strong fee income and credit performance. Similarly, RBC Capital Markets increased their price target to $20 from $19, maintaining an Outperform rating.
Stephens also adjusted First Horizon's price target to $20, keeping an Overweight rating. The company's operating earnings per share (EPS) of $0.42 surpassed both the consensus estimate and Stephens' projection. Citi boosted First Horizon's price target to $20, maintaining a Buy rating. Citi's analysis suggests that despite potential net interest income weakness, First Horizon's diverse income streams and strong presence in economically growing regions should help sustain its growth.
Lastly, in a recent earnings call, First Horizon reported an adjusted EPS of $0.42 for the third quarter, a $0.06 increase from the previous quarter. The bank's pre-provision net revenue also rose by $11 million. These are the recent developments for First Horizon National Corporation.
InvestingPro Insights
The recent insider sale by Director Harry V. Barton Jr. comes at a time when First Horizon Corp (NYSE:FHN) is experiencing notable market performance. According to InvestingPro data, the company's stock is trading near its 52-week high, with a price at 98.1% of its peak. This aligns with the strong returns observed over various timeframes, including a remarkable 80.58% total return over the past year.
First Horizon's financial health appears robust, with a market capitalization of $10.69 billion and a P/E ratio of 14.65, suggesting a reasonable valuation relative to earnings. The company's revenue growth, while modest at 0.03% over the last twelve months, shows a more significant quarterly increase of 18.56%, indicating potential acceleration in business performance.
InvestingPro Tips highlight that First Horizon has maintained dividend payments for 14 consecutive years, a factor that may appeal to income-focused investors. The current dividend yield stands at 3.02%, providing a steady income stream. Additionally, analysts have revised their earnings expectations upwards for the upcoming period, which could signal confidence in the company's near-term prospects.
It's worth noting that while the company enjoys strong returns and analyst optimism, it also faces challenges with weak gross profit margins. This aspect may warrant closer attention from investors considering the stock's recent price appreciation.
For those seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for First Horizon Corp, providing deeper insights into the company's financial position and market performance.
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