First Horizon Corp Buys New Shares in First Horizon Corporation $FHN

First Horizon Corp purchased a new position in First Horizon Corporation (NYSE:FHN) during the 3rd quarter, Holdings Channel reports. The firm purchased 104,407 shares of the financial services provider’s stock, valued at approximately $2,361,000.

A number of other large investors have also made changes to their positions in the stock. Navigoe LLC acquired a new stake in First Horizon during the third quarter worth about $25,000. Kestra Investment Management LLC lifted its position in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Allworth Financial LP increased its position in shares of First Horizon by 57.9% during the second quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 757 shares during the period. Finally, Hantz Financial Services Inc. raised its stake in shares of First Horizon by 1,579.8% in the second quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 1,959 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Cowen reiterated a “hold” rating on shares of First Horizon in a research note on Wednesday, January 7th. Jefferies Financial Group set a $25.00 target price on shares of First Horizon and gave the company a “buy” rating in a research note on Wednesday, October 15th. Robert W. Baird reissued a “neutral” rating and issued a $25.00 price target on shares of First Horizon in a research report on Thursday, December 11th. Citigroup lifted their price objective on First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. Finally, Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Insider Transactions at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the sale, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the transaction, the executive vice president directly owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.04% of the stock is owned by corporate insiders.

First Horizon Stock Down 1.0%

Shares of FHN opened at $24.23 on Tuesday. The company has a market capitalization of $11.93 billion, a P/E ratio of 14.69, a PEG ratio of 0.87 and a beta of 0.61. First Horizon Corporation has a one year low of $15.19 and a one year high of $24.91. The business’s 50 day simple moving average is $23.00 and its 200-day simple moving average is $22.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $893.00 million during the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The business’s revenue was up 7.4% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. As a group, sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 12th were given a dividend of $0.15 per share. The ex-dividend date was Friday, December 12th. This represents a $0.60 annualized dividend and a yield of 2.5%. First Horizon’s dividend payout ratio is 36.36%.

First Horizon announced that its board has approved a stock buyback plan on Monday, October 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.