Point72 Hong Kong Ltd Makes New Investment in First Horizon Co. (NYSE:FHN)

Point72 Hong Kong Ltd acquired a new stake in First Horizon Co. (NYSE:FHN) in the 3rd quarter, HoldingsChannel reports. The fund acquired 13,071 shares of the financial services provider’s stock, valued at approximately $203,000.

A number of other hedge funds have also recently modified their holdings of FHN. UMB Bank n.a. raised its position in First Horizon by 365.0% during 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 in the last quarter. Family Firm Inc. acquired a new stake in shares of First Horizon during the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC increased its holdings in shares of First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in shares of First Horizon in the 2nd quarter valued at $31,000. Finally, Covestor Ltd boosted its holdings in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on FHN. Royal Bank of Canada lifted their price objective on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Raymond James upped their price target on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Barclays boosted their price objective on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.08.

Insider Buying and Selling at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was 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 the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the 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 completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

First Horizon Price Performance

Shares of NYSE FHN opened at $20.72 on Tuesday. The stock has a market capitalization of $10.98 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.58 and a beta of 0.86. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The firm has a 50-day simple moving average of $17.85 and a 200-day simple moving average of $16.46. 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 released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period last year, the company posted $0.27 EPS. On average, equities analysts predict that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

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

First Horizon Company 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.