Pacer Advisors Inc. increased its position in shares of First Horizon Co. (NYSE:FHN – Free Report) by 1.1% in the fourth quarter, HoldingsChannel reports. The firm owned 79,022 shares of the financial services provider’s stock after purchasing an additional 824 shares during the period. Pacer Advisors Inc.’s holdings in First Horizon were worth $1,592,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc increased its position in shares of First Horizon by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after purchasing an additional 559 shares in the last quarter. Covestor Ltd increased its position 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 purchasing an additional 651 shares in the last quarter. CreativeOne Wealth LLC increased its position in shares of First Horizon by 7.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 773 shares in the last quarter. GAMMA Investing LLC increased its position in shares of First Horizon by 10.6% during the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 875 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.
First Horizon Stock Down 0.1 %
Shares of NYSE FHN opened at $21.91 on Friday. The firm has a market capitalization of $11.62 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 1 year low of $13.45 and a 1 year high of $22.11. The firm’s 50-day moving average is $20.66 and its 200-day moving average is $18.07.
First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the business posted $0.32 EPS. Equities analysts expect that First Horizon Co. will post 1.63 EPS for the current year.
First Horizon Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is 44.12%.
First Horizon announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on FHN shares. Evercore ISI increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Finally, Bank of America increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.04.
Get Our Latest Stock Analysis on FHN
Insider Buying and Selling
In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock valued at $4,519,333 in the last 90 days. 0.87% of the stock is owned by insiders.
First Horizon 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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