First Horizon Co. (NYSE:FHN) Shares Acquired by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC boosted its position in First Horizon Co. (NYSE:FHN) by 10.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 465,513 shares of the financial services provider’s stock after purchasing an additional 42,793 shares during the period. Greenwood Capital Associates LLC owned about 0.09% of First Horizon worth $7,229,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FHN. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of First Horizon by 24.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider’s stock worth $514,000 after buying an additional 6,500 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of First Horizon by 6.5% in the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 765 shares in the last quarter. Norden Group LLC acquired a new stake in shares of First Horizon in the first quarter valued at approximately $744,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of First Horizon by 48.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,595 shares of the financial services provider’s stock worth $1,796,000 after purchasing an additional 38,295 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new position in shares of First Horizon during the 1st quarter worth approximately $448,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Down 1.2 %

Shares of NYSE FHN opened at $16.99 on Tuesday. The stock has a fifty day moving average price of $16.21 and a 200 day moving average price of $15.78. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12-month low of $10.96 and a 12-month high of $17.93. The company has a market cap of $9.10 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.29 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate 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 business posted $0.27 EPS. Research analysts anticipate that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is 43.48%.

Analyst Ratings Changes

A number of brokerages have commented on FHN. Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price for the company. in a research note on Thursday, July 18th. Royal Bank of Canada lifted their target price on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, Evercore ISI increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.92.

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.