Citigroup Inc. Buys 285,108 Shares of First Horizon Co. (NYSE:FHN)

Citigroup Inc. boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 43.0% in the third quarter, Holdings Channel reports. The firm owned 948,122 shares of the financial services provider’s stock after acquiring an additional 285,108 shares during the period. Citigroup Inc.’s holdings in First Horizon were worth $14,724,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of FHN. UMB Bank n.a. boosted its position in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the period. Family Firm Inc. bought a new stake in shares of First Horizon in the second quarter valued at approximately $28,000. Nemes Rush Group LLC boosted its position in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. bought a new stake in shares of First Horizon in the second quarter valued at approximately $31,000. Finally, Covestor Ltd boosted its position in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Down 0.5 %

Shares of NYSE FHN opened at $21.09 on Thursday. The business has a fifty day moving average of $17.54 and a two-hundred day moving average of $16.35. 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 52-week low of $11.87 and a 52-week high of $21.72. The stock has a market cap of $11.18 billion, a PE ratio of 15.28, a PEG ratio of 1.60 and a beta of 0.86.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the previous year, the business posted $0.27 earnings per share. As a group, equities research analysts expect that First Horizon Co. will post 1.49 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 Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.84%. First Horizon’s dividend payout ratio is 43.48%.

First Horizon announced that its Board of Directors has approved a share buyback program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

FHN has been the subject of several research reports. Stephens increased their price objective on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research note on Thursday, October 17th. The Goldman Sachs Group lifted their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada lifted their price target on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.71.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 of the company’s stock, 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 currently owned by company insiders.

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.