First Horizon Corporation (NYSE:FHN) experienced a notable decline in short interest, with the total falling by 40.1% in December 2023. As of December 31, short interest totaled **9,071,624 shares**, down from **15,155,429 shares** on December 15. This decrease indicates that **approximately 1.9%** of the company’s stock is currently sold short. With an average trading volume of **5,240,291 shares**, the days-to-cover ratio stands at **1.7 days**.
Stock Performance and Market Position
On Friday, January 5, First Horizon shares traded down **$0.34**, reaching **$24.10**. The trading volume for the day was **11,606,210 shares**, significantly above the average of **5,195,240 shares**. The company’s financial metrics reflect a solid position, with a debt-to-equity ratio of **0.15**, a current ratio of **0.96**, and a quick ratio of **0.95**. Over the past year, First Horizon has seen a low of **$15.19** and a high of **$24.91** per share.
The firm has a market capitalization of **$11.87 billion**, a price-to-earnings (P/E) ratio of **12.82**, and a price-to-earnings-growth (PEG) ratio of **0.86**. It also reported a beta of **0.61**, indicating lower volatility relative to the market.
Recent Corporate Actions
On October 27, 2023, First Horizon’s Board of Directors approved a stock buyback plan, allowing the company to repurchase up to **$1.20 billion** worth of shares. This authorization enables the financial services firm to reacquire **up to 11.3%** of its outstanding stock through open market purchases, a move typically seen as a sign that the company’s leadership believes its shares are undervalued.
Additionally, First Horizon announced a quarterly dividend of **$0.15 per share**, which was paid on January 2, 2024. The dividend, declared for stockholders of record on December 12, represents an annualized payout of **$0.60** and a yield of **2.5%**. The company’s dividend payout ratio stands at **31.91%**.
Insider Transactions and Institutional Holdings
Recent insider transactions include the sale of **7,619 shares** by Chief Accounting Officer **Jeff L. Fleming** on November 12, 2023, at an average price of **$21.74**, amounting to approximately **$165,637.06**. Following this sale, Fleming retains **128,626 shares**, valued at about **$2,796,329.24**.
Executive Vice President **David T. Popwell** sold **155,149 shares** on November 4, 2023, at an average price of **$21.31**, totaling around **$3,306,225.19**. After the transaction, Popwell holds **307,432 shares**, valued at **$6,551,375.92**. Insider ownership currently accounts for **0.87%** of the company’s stock.
Several hedge funds have adjusted their positions in First Horizon recently. For instance, **Voya Investment Management LLC** increased its stake by **301.4%** during the third quarter, now owning **229,860 shares** valued at **$5,197,000**. Other notable changes include **First Horizon Corp** acquiring a new stake valued at **$2,361,000** and **Apollon Wealth Management LLC** raising its holdings by **70.9%**, acquiring an additional **40,604 shares**.
Institutional investors collectively own **80.28%** of First Horizon’s shares, highlighting strong institutional confidence in the company.
Analysts’ Perspectives
Analysts have recently provided updated ratings for First Horizon. **Evercore ISI** reiterated an “in-line” rating while adjusting its price target from **$26.00** to **$20.00**. Meanwhile, **UBS Group** maintained a “buy” rating with a target of **$28.00**. Conversely, **Baird R W** downgraded the stock from “strong-buy” to “hold,” and **Cowen** reiterated a “hold” rating.
Overall, nine research analysts have rated First Horizon with a “Buy” recommendation, while twelve rated it a “Hold.” According to data from **MarketBeat.com**, the average rating stands at “Hold,” with a consensus target price of **$26.58**.
First Horizon Corporation, headquartered in **Memphis, Tennessee**, provides a wide range of financial services, including retail, commercial, and wealth management solutions. As the largest bank-based financial services firm in Tennessee, it operates branches and digital platforms across the Southeastern United States, serving customers since its establishment in **1864**.
