First Horizon Co. (NYSE:FHN) Shares Bought by Independent Advisor Alliance

Independent Advisor Alliance raised its position in First Horizon Co. (NYSE:FHN) by 3.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,098 shares of the financial services provider’s stock after purchasing an additional 2,157 shares during the quarter. Independent Advisor Alliance’s holdings in First Horizon were worth $887,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of FHN. Millennium Management LLC boosted its holdings in First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of First Horizon in the 2nd quarter valued at approximately $66,779,000. Bank of New York Mellon Corp raised its stake in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares during the period. Finally, Sculptor Capital LP raised its stake in shares of First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after acquiring an additional 1,570,000 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Raymond James boosted their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Evercore ISI boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Stephens upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

First Horizon Trading Down 0.5 %

NYSE FHN opened at $21.09 on Thursday. 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 Co. has a 52 week low of $11.87 and a 52 week high of $21.72. The stock has a market capitalization of $11.18 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.60 and a beta of 0.86. The firm has a 50 day moving average of $17.54 and a two-hundred day moving average of $16.35.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the previous year, the business posted $0.27 EPS. As a group, research analysts expect 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. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

First Horizon announced that its Board of Directors has authorized a share buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP David T. Popwell sold 100,974 shares of the company’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 transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’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 of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

First Horizon Profile

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.