Highland Capital Management LLC Boosts Position in First Horizon Co. (NYSE:FHN)

Highland Capital Management LLC boosted its position in shares of First Horizon Co. (NYSE:FHN) by 7.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 339,664 shares of the financial services provider’s stock after acquiring an additional 22,709 shares during the quarter. Highland Capital Management LLC’s holdings in First Horizon were worth $6,841,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in FHN. Envestnet Asset Management Inc. increased its holdings in shares of First Horizon by 5.9% in the second quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock valued at $1,909,000 after purchasing an additional 6,696 shares during the period. Marshall Wace LLP purchased a new stake in First Horizon during the second quarter worth $267,000. Creative Planning boosted its position in First Horizon by 11.1% during the second quarter. Creative Planning now owns 82,745 shares of the financial services provider’s stock worth $1,305,000 after purchasing an additional 8,263 shares in the last quarter. NewEdge Advisors LLC boosted its position in First Horizon by 57.7% during the second quarter. NewEdge Advisors LLC now owns 349,372 shares of the financial services provider’s stock worth $5,510,000 after purchasing an additional 127,893 shares in the last quarter. Finally, Truist Financial Corp boosted its position in First Horizon by 48.9% during the second quarter. Truist Financial Corp now owns 65,402 shares of the financial services provider’s stock worth $1,031,000 after purchasing an additional 21,475 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the topic of a number of research analyst reports. Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Barclays upped their price objective on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. UBS Group initiated coverage on First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, Stephens restated an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,954 shares of company stock valued at $4,519,333. Insiders own 0.87% of the company’s stock.

First Horizon Price Performance

FHN stock opened at $21.57 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a 1 year low of $13.45 and a 1 year high of $22.03. The firm has a market cap of $11.44 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The stock has a 50-day simple moving average of $20.61 and a 200-day simple moving average of $18.00.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period last year, the company earned $0.32 earnings per share. On average, equities analysts predict that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio is currently 44.12%.

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

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.