Covestor Ltd Buys 651 Shares of First Horizon Co. (NYSE:FHN)

Covestor Ltd boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 44.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,130 shares of the financial services provider’s stock after purchasing an additional 651 shares during the quarter. Covestor Ltd’s holdings in First Horizon were worth $34,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in 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 buying an additional 1,325 shares during the last quarter. Family Firm Inc. purchased a new stake in First Horizon in the second quarter valued at about $28,000. Nemes Rush Group LLC raised its stake in 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 buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. purchased a new stake in First Horizon in the second quarter valued at about $31,000. Finally, Abich Financial Wealth Management LLC raised its stake in First Horizon by 54.5% in the first quarter. Abich Financial Wealth Management LLC now owns 3,613 shares of the financial services provider’s stock valued at $56,000 after buying an additional 1,274 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 1.1 %

First Horizon stock opened at $20.38 on Friday. The firm has a market cap of $10.80 billion, a price-to-earnings ratio of 14.76, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. First Horizon Co. has a 52 week low of $11.87 and a 52 week high of $20.53. The business’s 50-day moving average price is $16.85 and its 200 day moving average price is $16.09. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period last year, the company earned $0.27 earnings per share. As a group, sell-side analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon announced that its Board of Directors has approved a stock repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is currently 43.48%.

Insider Buying and Selling at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 approximately $10,278,937.02. The trade was a 16.26 % 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.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research analyst reports. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Royal Bank of Canada raised their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Evercore ISI raised their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $18.38.

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.