Gateway Investment Advisers LLC boosted its position in shares of First Horizon Co. (NYSE:FHN – Free Report) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,593 shares of the financial services provider’s stock after acquiring an additional 5,553 shares during the period. Gateway Investment Advisers LLC’s holdings in First Horizon were worth $1,381,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of the company. State Street Corp grew its stake in shares of First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after acquiring an additional 4,116,486 shares during the last quarter. Millennium Management LLC grew its position in First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Sculptor Capital LP increased its stake in First Horizon by 18.2% during 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 purchasing an additional 1,570,000 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of First Horizon by 0.7% in the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after buying an additional 61,397 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of First Horizon by 38.8% in the second quarter. AQR Capital Management LLC now owns 5,015,941 shares of the financial services provider’s stock worth $76,644,000 after buying an additional 1,402,436 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.
First Horizon Stock Up 1.1 %
FHN opened at $21.54 on Friday. The company has a fifty day moving average of $20.43 and a two-hundred day moving average of $17.69. 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 fifty-two week low of $13.45 and a fifty-two week high of $21.72. The stock has a market capitalization of $11.42 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 1.36 and a beta of 0.92.
First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the previous year, the business posted $0.32 earnings per share. On average, research analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.
First Horizon announced that its Board of Directors has initiated a share buyback program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.
First Horizon Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.79%. First Horizon’s dividend payout ratio (DPR) is 44.12%.
Insider Activity at First Horizon
In related news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, the director now owns 166,840 shares in the company, 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. 0.87% of the stock is owned by corporate insiders.
Analyst Ratings Changes
Several research firms recently issued reports on FHN. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Keefe, Bruyette & Woods increased their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Barclays raised their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Royal Bank of Canada upped their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Finally, UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.04.
Get Our Latest Report on First Horizon
First Horizon Company Profile
(Free Report)
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.
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