First Horizon Co. (NYSE:FHN) Shares Bought by AMG National Trust Bank

AMG National Trust Bank lifted its stake in shares of First Horizon Co. (NYSE:FHN) by 106.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 91,620 shares of the financial services provider’s stock after acquiring an additional 47,152 shares during the quarter. AMG National Trust Bank’s holdings in First Horizon were worth $1,423,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its position in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new position in First Horizon in the second quarter worth approximately $28,000. Nemes Rush Group LLC increased its holdings in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon during the 2nd quarter valued at $31,000. Finally, Covestor Ltd boosted its stake in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.3 %

FHN opened at $20.30 on Tuesday. The company has a market capitalization of $10.76 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.52 and a beta of 0.86. The business has a 50-day moving average of $16.94 and a 200-day moving average of $16.14. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $20.53. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the previous year, the company earned $0.27 earnings per share. Equities research analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.96%. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

First Horizon declared that its Board of Directors has approved a stock buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of recent analyst reports. Raymond James boosted their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Barclays lifted their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Evercore ISI raised their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Finally, Royal Bank of Canada raised their target price on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Insiders Place Their Bets

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

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.