First Horizon Corp Purchases New Stake in First Horizon Corporation $FHN

First Horizon Corp acquired a new position in First Horizon Corporation (NYSE:FHN) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 104,407 shares of the financial services provider’s stock, valued at approximately $2,361,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Lecap Asset Management Ltd. purchased a new stake in shares of First Horizon in the third quarter worth approximately $1,321,000. CX Institutional acquired a new position in First Horizon in the 3rd quarter valued at approximately $209,000. Longboard Asset Management LP purchased a new stake in First Horizon in the 3rd quarter worth approximately $221,000. CWA Asset Management Group LLC boosted its stake in shares of First Horizon by 8.6% during the 3rd quarter. CWA Asset Management Group LLC now owns 156,284 shares of the financial services provider’s stock valued at $3,534,000 after buying an additional 12,332 shares during the period. Finally, Diversified Trust Co purchased a new position in shares of First Horizon during the 3rd quarter valued at $215,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FHN shares. Baird R W lowered First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Keefe, Bruyette & Woods raised their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Evercore ISI reiterated an “in-line” rating and set a $20.00 price target (down from $26.00) on shares of First Horizon in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft began coverage on First Horizon in a report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, DA Davidson upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 19th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

First Horizon Stock Down 1.0%

Shares of First Horizon stock opened at $24.23 on Tuesday. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $24.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $23.00 and a two-hundred day moving average price of $22.38. The stock has a market capitalization of $11.93 billion, a P/E ratio of 14.69, a PEG ratio of 0.87 and a beta of 0.61.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The business had revenue of $893.00 million during the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. First Horizon’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. Equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 12th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.5%. First Horizon’s payout ratio is currently 36.36%.

First Horizon announced that its Board of Directors has initiated a stock repurchase program on Monday, October 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at First Horizon

In other news, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the sale, the executive vice president directly owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer owned 128,626 shares in the company, valued at $2,796,329.24. The trade was a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.04% of the stock is owned by corporate insiders.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.