Orion Portfolio Solutions LLC Buys 5,763 Shares of First Horizon Co. (NYSE:FHN)

Orion Portfolio Solutions LLC lifted its stake in shares of First Horizon Co. (NYSE:FHN) by 15.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 42,443 shares of the financial services provider’s stock after acquiring an additional 5,763 shares during the period. Orion Portfolio Solutions LLC’s holdings in First Horizon were worth $659,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its position in First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after purchasing an additional 559 shares in the last quarter. Covestor Ltd raised its holdings 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 valued at $34,000 after buying an additional 651 shares in the last quarter. Access Investment Management LLC raised its holdings in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after buying an additional 715 shares in the last quarter. CreativeOne Wealth LLC lifted its position in First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after buying an additional 773 shares during the last quarter. Finally, KMG Fiduciary Partners LLC boosted its stake in First Horizon by 0.6% in the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after buying an additional 952 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on FHN shares. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Wells Fargo & Company lifted their target price on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Evercore ISI lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.69.

Insider Buying and Selling at First Horizon

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 transaction of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $20.33 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market cap of $10.78 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.54 and a beta of 0.91. The business’s 50 day moving average price is $18.97 and its 200-day moving average price is $16.81. First Horizon Co. has a fifty-two week low of $12.95 and a fifty-two week high of $21.72.

First Horizon (NYSE:FHN) last issued its quarterly earnings data 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 business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same period in the previous year, the firm earned $0.27 EPS. On average, equities research analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.95%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its board has authorized a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.