AlphaQuest LLC Grows Position in First Horizon Corporation $FHN

AlphaQuest LLC boosted its position in shares of First Horizon Corporation (NYSE:FHN) by 64.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 136,413 shares of the financial services provider’s stock after purchasing an additional 53,400 shares during the period. AlphaQuest LLC’s holdings in First Horizon were worth $3,084,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FHN. Navigoe LLC bought a new position in shares of First Horizon during the third quarter valued at approximately $25,000. Root Financial Partners LLC bought a new stake in shares of First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC boosted its holdings in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the period. Geneos Wealth Management Inc. grew its position in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 900 shares during the period. Institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 155,149 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the sale, the executive vice president owned 307,432 shares of the company’s stock, valued at $6,551,375.92. This trade represents a 33.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is currently owned by insiders.

First Horizon Price Performance

FHN opened at $24.40 on Friday. The firm has a market capitalization of $12.01 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 0.91 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business’s 50-day moving average is $23.75 and its two-hundred day moving average is $22.60. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $25.21.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. During the same period in the prior year, the firm posted $0.43 earnings per share. Research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a share buyback program on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.8%. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. First Horizon’s payout ratio is 31.91%.

Analyst Ratings Changes

A number of analysts have recently issued reports on FHN shares. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of First Horizon in a research report on Monday, December 29th. National Bankshares set a $27.00 target price on shares of First Horizon in a research note on Friday, January 16th. Robert W. Baird downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, JPMorgan Chase & Co. boosted their price target on First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $26.58.

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.