Jeff L. Fleming, Executive Vice President and Chief Accounting Officer at First Horizon Corp (NYSE:FHN), recently executed a series of stock transactions involving the company's common stock. Fleming exercised options to acquire 8,025 shares at a price of $18.69 per share, which amounted to a total value of $149,987. Subsequently, he sold the same number of shares at a price of $20.65 each, totaling $165,716.
Following these transactions, Fleming holds 124,699 shares directly, with an additional 30,279 shares held indirectly through his 401(k) plan. These moves provide a glimpse into the executive's current holdings and recent financial activities within the company.
In other recent news, First Horizon National Corporation has been the subject of several stock target upgrades following strong third-quarter results. Baird, RBC Capital Markets, Stephens, and Citi have all raised their price targets for First Horizon, maintaining positive ratings on the stock. First Horizon reported third-quarter earnings per share (EPS) of $0.40, surpassing expectations due to stronger fee income and better-than-expected credit performance. The company's net charge-offs were significantly lower than the consensus estimate, demonstrating solid execution amid recent weather events.
First Horizon's revenue outlook remains unchanged, but analysts suggest a lean towards fee income as growth in countercyclical businesses compensates for pressure on deposits. The company also reported a strong third quarter with adjusted earnings per share (EPS) of $0.42, a $0.06 increase from the previous quarter, and a pre-provision net revenue rise of $11 million. Analysts highlighted First Horizon's ability to offset pressures on net interest income and margin with strong fee income and fixed-income trading activities. They also noted the company's effective control over core expenses and favorable credit metrics.
Looking ahead, the company anticipates ongoing margin challenges but expects a modest positive trend in revenue projections, buoyed by fee-based income momentum. First Horizon's management is also preparing for the company to cross the $100 billion asset threshold while maintaining an 11% Common equity Tier 1 (CET1) ratio, a key measure of financial strength. Despite robust deposit growth driven by nearly $1 billion in client acquisition, the bank acknowledges that loan growth remains muted due to market factors. These are some of the recent developments at First Horizon Corporation.
InvestingPro Insights
The recent stock transactions by First Horizon Corp's Executive Vice President and Chief Accounting Officer, Jeff L. Fleming, align with several noteworthy trends observed in the company's performance. According to InvestingPro data, First Horizon's stock has shown remarkable strength, with a 83.68% price total return over the past year and a 38.23% return in the last six months. This robust performance is reflected in the stock trading near its 52-week high, with the current price at 97.56% of that peak.
InvestingPro Tips highlight that First Horizon has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. This consistency may be attractive to investors seeking stable income streams. Additionally, the company's profitability over the last twelve months and analysts' predictions of profitability for the current year suggest a solid financial foundation.
It's worth noting that while the stock's recent performance has been strong, an InvestingPro Tip indicates that the RSI suggests the stock is in overbought territory. This could be a factor for investors to consider when evaluating the timing of potential investments or divestments.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for First Horizon Corp, providing a more comprehensive view of the company's financial health and market position.
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