AlphaQuest LLC Buys 53,400 Shares of First Horizon Corporation $FHN

AlphaQuest LLC grew its stake in shares of First Horizon Corporation (NYSE:FHN) by 64.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,413 shares of the financial services provider’s stock after buying an additional 53,400 shares during the period. AlphaQuest LLC’s holdings in First Horizon were worth $3,084,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC lifted its holdings in First Horizon by 44.6% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 283,450 shares of the financial services provider’s stock valued at $6,409,000 after purchasing an additional 87,417 shares in the last quarter. SYM FINANCIAL Corp bought a new stake in shares of First Horizon during the 3rd quarter valued at $212,000. AE Wealth Management LLC lifted its stake in shares of First Horizon by 10.7% during the 3rd quarter. AE Wealth Management LLC now owns 22,847 shares of the financial services provider’s stock valued at $517,000 after buying an additional 2,200 shares in the last quarter. Great Lakes Advisors LLC boosted its holdings in First Horizon by 1,145.9% in the 3rd quarter. Great Lakes Advisors LLC now owns 343,131 shares of the financial services provider’s stock worth $7,758,000 after buying an additional 315,590 shares during the period. Finally, TD Waterhouse Canada Inc. increased its stake in First Horizon by 122.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after buying an additional 900 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Up 0.8%

NYSE FHN opened at $24.40 on Friday. The stock has a 50 day moving average price of $23.75 and a 200-day moving average price of $22.60. First Horizon Corporation has a one year low of $15.19 and a one year high of $25.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $12.01 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.91 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The company had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. As a group, equities analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon declared that its board has authorized a share buyback plan on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

First Horizon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, March 13th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is currently 31.91%.

Insider Activity

In other news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at $2,796,329.24. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on FHN shares. Zacks Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $28.00 price target on shares of First Horizon in a report on Monday, January 12th. Wells Fargo & Company dropped their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Truist Financial set a $27.00 price objective on shares of First Horizon in a research report on Friday, January 9th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of First Horizon in a research report on Tuesday, December 16th. They set a “buy” rating and a $28.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $26.58.

First Horizon 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.