Maverick Capital Ltd. Invests $1.06 Million in First Horizon Co. (NYSE:FHN)

Maverick Capital Ltd. acquired a new stake in First Horizon Co. (NYSE:FHN) during the third quarter, according to its most recent filing with the SEC. The firm acquired 68,444 shares of the financial services provider’s stock, valued at approximately $1,063,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Citigroup Inc. raised its stake in shares of First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after buying an additional 285,108 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in First Horizon by 13.1% in the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after purchasing an additional 100,359 shares during the last quarter. Greenwood Capital Associates LLC increased its holdings in First Horizon by 10.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after acquiring an additional 42,793 shares in the last quarter. Allen Capital Group LLC increased its stake in shares of First Horizon by 128.4% during the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 29,581 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in First Horizon by 127.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock valued at $1,644,000 after buying an additional 59,258 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the company’s 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 sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was 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 in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on FHN shares. Stephens increased their price objective on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. The Goldman Sachs Group raised their price target on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada lifted their target price on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.71.

First Horizon Stock Up 0.2 %

Shares of NYSE FHN opened at $21.13 on Friday. 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 1 year low of $12.40 and a 1 year high of $21.72. The stock’s 50-day simple moving average is $17.85 and its 200-day simple moving average is $16.45. The firm has a market cap of $11.20 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.58 and a beta of 0.86.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share 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 firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same quarter last year, the firm earned $0.27 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

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

First Horizon Announces Dividend

The business 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 annualized dividend and a yield of 2.84%. First Horizon’s dividend payout ratio is presently 43.48%.

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.