Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. First Horizon Corporation shares valued at $4,572,445 were sold by BYRD DARYL G on Jun 09. At $22.64 per share, BYRD DARYL G sold 201,934 shares. The insider’s holdings dropped to 1,732,685 shares worth approximately $42.1 million following the completion of this transaction.
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Also, BYRD DARYL G sold 99,458 shares, netting a total of over 2,258,984 in proceeds. Following the sale of shares at $22.71 each, the insider now holds 1,732,685 shares.
Before that, BYRD DARYL G had sold 122,078 shares from its account. In a trade valued at $2,798,536, the Executive Chairman of Board traded First Horizon Corporation shares for $22.92 each. Upon closing the transaction, the insider’s holdings decreased to 122,078 shares, worth approximately $42.1 million.
As published in their initiating research note from Wedbush on February 23, 2022, First Horizon Corporation [FHN] has been an Outperform and the price target has been revised to $22. This represents a -10.45% premium over Thursday’s closing price. Analysts at Raymond James downgraded the stock from ‘”a Strong buy”‘ to ‘”an Outperform”‘ outlook in a report released in early October. As of September 08, 2021, UBS has decreased its “Buy” rating to a “Neutral” for FHN. Earlier on June 23, 2021, Hovde Group upgraded its rating. Their new recommendation was “an Outperform” for FHN stock which previously was a “a Market perform”.
Analyzing FHN Stock Performance
On Thursday, First Horizon Corporation [NYSE: FHN] plunged -0.21% to $24.30. The stock’s lowest price that day was $24.25, but it reached a high of $24.45 in the same session. Over the course of the year, First Horizon Corporation shares have jumped approximately 48.81%. Shares of the company reached a 52-week high of $24.55 on 11/01/22 and a 52-week low of $16.51 on 01/24/22. A 50-day SMA is recorded $23.45, while a 200-day SMA reached $22.20. Nevertheless, trading volume fell to 4.99 million shares from 5.25 million shares the previous day.
Support And Resistance Levels for First Horizon Corporation (FHN)
According to the 24-hour chart, there is a support level at 24.22, which, if violated, would cause prices to drop to 24.13. In the upper region, resistance lies at 24.42. The next price resistance is at 24.53. RSI (Relative Strength Index) is 66.55 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.12, which suggests the price will decrease in the coming days. Percent R is at 36.76%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is First Horizon Corporation subject to short interest?
Stocks of First Horizon Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 4.3 million shares to 33.94 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 29.64 million shares. A jump of 12.67% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.94 of the overall float, the days-to-cover ratio (short ratio) jumped to 7.94.
Which companies own the most shares of First Horizon Corporation (FHN)?
According to The Vanguard Group, Inc. filings, the company currently owns 51,502,899 shares, which is about 9.60% of the total FHN shares outstanding. The investor’s shares have appreciated by 812,873 from its previous 13-F filing of 50690026.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $1,170,650,198. SSgA Funds Management, Inc. reduced a -10.38% interest valued at $395.08 million while Barclays Bank Plc purchased a 2,877,575 stake. A total of 2,089,625 shares of First Horizon Corporation were bought by Fidelity Management & Research Co during the quarter, and 1,114,260 were bought by Segantii Capital Management Ltd. In its current portfolio, Dimensional Fund Advisors LP holds 11,845,044 shares valued at $271.25 million.
In terms of First Horizon Corporation share price expectations, FactSet research, analysts set an average price target of $24.86 in the next 12 months, up nearly 2.67% from the previous closing price of $24.35. Analysts anticipate First Horizon Corporation stock to reach $25.00 by 2022, with the lowest price target being $24.00. In spite of this, 8 analysts ranked First Horizon Corporation stock as a Hold at the end of 2022. On October 08, 2020, Jefferies assigned a price target of “a Buy” to the stock and upgraded coverage with a $12.