David T. Popwell, the Senior Executive Vice President of First Horizon Corp (NYSE:FHN), reported the sale of 101,020 shares of the company's common stock on November 7, 2024. The transactions were executed at prices ranging from $19.74 to $19.785 per share, totaling approximately $1,996,016.
Following these transactions, Popwell's direct ownership of First Horizon shares stands at 519,926 shares. Additionally, he holds 3,101 shares indirectly through a 401(k) plan. These recent sales reflect a significant reduction in his direct holdings in the company.
In other recent news, First Horizon Corporation reported a strong third quarter with an earnings per share (EPS) of $0.42, surpassing expectations. The company's net charge-offs were significantly lower than estimated, and its pre-provision net revenue rose by $11 million. Several analysts, including Baird, RBC Capital Markets, Stephens, and Citi, have raised their price targets for First Horizon based on these results.
Baird highlighted the company's solid execution, suggesting future revenue may lean more towards fee income. RBC Capital Markets and Stephens noted First Horizon's ability to offset pressures on net interest income with strong fee income and fixed-income trading activities. Citi, meanwhile, emphasized the resilience of First Horizon's business model and its capacity to maintain steady pre-provision net revenue growth through 2025.
These recent developments reflect First Horizon's commitment to growth and financial strength, as the company anticipates crossing the $100 billion asset threshold while maintaining an 11% Common equity Tier 1 ratio. Despite robust deposit growth, the bank acknowledges that loan growth remains muted due to market factors.
InvestingPro Insights
The recent stock sale by David T. Popwell comes at a time when First Horizon Corp (NYSE:FHN) is experiencing strong market performance. According to InvestingPro data, the company's stock has shown remarkable returns, with a 27.28% increase over the past month and an impressive 80.91% gain over the last year. This upward trend is further supported by the stock trading near its 52-week high, at 97.91% of that peak.
InvestingPro Tips highlight that First Horizon has maintained dividend payments for 14 consecutive years, demonstrating a commitment to shareholder returns. The company's current dividend yield stands at 3.05%, which may be attractive to income-focused investors. Additionally, First Horizon boasts a high shareholder yield, suggesting that the company is effectively returning value to its shareholders through dividends and potentially share buybacks.
From a valuation perspective, First Horizon's P/E ratio of 14.3 indicates that the stock is trading at a reasonable multiple relative to its earnings. The company's market capitalization of $10.49 billion reflects its significant presence in the financial sector.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for First Horizon, providing a deeper understanding of the company's financial health and market position.
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