Sanctuary Advisors LLC Acquires 3,540 Shares of First Horizon Co. (NYSE:FHN)

Sanctuary Advisors LLC increased its holdings in shares of First Horizon Co. (NYSE:FHN) by 16.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,637 shares of the financial services provider’s stock after purchasing an additional 3,540 shares during the period. Sanctuary Advisors LLC’s holdings in First Horizon were worth $383,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of FHN. Virtu Financial LLC lifted its stake in First Horizon by 227.0% in the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock valued at $519,000 after buying an additional 23,203 shares in the last quarter. Geode Capital Management LLC boosted its stake in First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after purchasing an additional 61,397 shares during the period. M&T Bank Corp raised its stake in shares of First Horizon by 4.7% in the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 912 shares during the period. Barclays PLC boosted its position in shares of First Horizon by 169.1% during the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock worth $29,301,000 after buying an additional 1,185,772 shares during the period. Finally, LRI Investments LLC grew its holdings in shares of First Horizon by 365.7% during the third quarter. LRI Investments LLC now owns 3,800 shares of the financial services provider’s stock worth $59,000 after buying an additional 2,984 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Wells Fargo & Company raised their price objective on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Barclays upped their target price on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. JPMorgan Chase & Co. reduced their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, Evercore ISI upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $21.00.

First Horizon Trading Up 0.8 %

Shares of FHN stock opened at $20.52 on Friday. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The company has a market capitalization of $10.88 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The firm has a 50 day moving average price of $19.54 and a two-hundred day moving average price of $17.05. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the firm posted $0.27 EPS. As a group, analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.92%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon announced that its board has initiated a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.