AM Investment Strategies LLC Purchases 17,599 Shares of First Horizon Co. (NYSE:FHN)

AM Investment Strategies LLC increased its position in First Horizon Co. (NYSE:FHN) by 24.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 89,217 shares of the financial services provider’s stock after purchasing an additional 17,599 shares during the quarter. AM Investment Strategies LLC’s holdings in First Horizon were worth $1,386,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Sei Investments Co. lifted its holdings in shares of First Horizon by 57.6% during the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after acquiring an additional 155,982 shares during the period. LSV Asset Management raised its position in First Horizon by 49.8% in the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares in the last quarter. Seven Eight Capital LP bought a new position in First Horizon during the first quarter worth about $2,366,000. O Shaughnessy Asset Management LLC grew its position in First Horizon by 286.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock valued at $1,012,000 after acquiring an additional 48,720 shares during the period. Finally, M&G Plc acquired a new position in First Horizon during the first quarter worth $8,019,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Trading Down 0.8 %

FHN traded down $0.14 during midday trading on Friday, reaching $17.19. 4,230,177 shares of the company were exchanged, compared to its average volume of 6,553,678. The stock has a market capitalization of $9.21 billion, a P/E ratio of 12.46, a PEG ratio of 1.32 and a beta of 0.88. First Horizon Co. has a one year low of $10.89 and a one year high of $17.93. The stock’s 50-day simple moving average is $16.21 and its 200 day simple moving average is $15.76. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84.

First Horizon (NYSE:FHN) last issued its quarterly earnings data 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. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter in the previous year, the company earned $0.27 earnings per share. As a group, analysts forecast that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

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

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.49%. First Horizon’s payout ratio is 43.48%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Stephens lifted 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. Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays lifted their price target on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.92.

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.