Highland Capital Management LLC Raises Stake in First Horizon Co. (NYSE:FHN)

Highland Capital Management LLC raised its position in shares of First Horizon Co. (NYSE:FHNFree Report) by 7.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 339,664 shares of the financial services provider’s stock after purchasing an additional 22,709 shares during the quarter. Highland Capital Management LLC owned 0.06% of First Horizon worth $6,841,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Gries Financial LLC raised its position in shares of First Horizon by 7.4% during the fourth quarter. Gries Financial LLC now owns 15,641 shares of the financial services provider’s stock valued at $315,000 after buying an additional 1,076 shares during the last quarter. Allen Capital Group LLC increased its position in First Horizon by 17.5% in the fourth quarter. Allen Capital Group LLC now owns 61,827 shares of the financial services provider’s stock worth $1,245,000 after purchasing an additional 9,215 shares during the last quarter. Smith Group Asset Management LLC bought a new stake in First Horizon in the fourth quarter worth $1,813,000. R Squared Ltd bought a new stake in First Horizon in the fourth quarter worth $66,000. Finally, Perigon Wealth Management LLC increased its position in First Horizon by 9.9% in the fourth quarter. Perigon Wealth Management LLC now owns 12,698 shares of the financial services provider’s stock worth $271,000 after purchasing an additional 1,149 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of First Horizon stock opened at $21.57 on Thursday. The company has a market capitalization of $11.44 billion, a PE ratio of 15.86, a P/E/G ratio of 1.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company has a 50-day simple moving average of $20.61 and a two-hundred day simple moving average of $18.00. First Horizon Co. has a one year low of $13.45 and a one year high of $22.03.

First Horizon (NYSE:FHNGet Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the company earned $0.32 EPS. Research analysts expect that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

First Horizon declared 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 shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

FHN has been the topic of several research reports. Keefe, Bruyette & Woods boosted their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. The Goldman Sachs Group boosted their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

Check Out Our Latest Analysis on First Horizon

Insider Buying and Selling

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 stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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 transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 220,954 shares of company stock valued at $4,519,333. 0.87% of the stock is currently owned by insiders.

About First Horizon

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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