Woodmont Investment Counsel LLC Makes New Investment in First Horizon Co. (NYSE:FHN)

Woodmont Investment Counsel LLC acquired a new stake in shares of First Horizon Co. (NYSE:FHN) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 10,612 shares of the financial services provider’s stock, valued at approximately $165,000.

A number of other hedge funds also recently made changes to their positions in FHN. Sei Investments Co. lifted its stake in First Horizon by 57.6% during the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after purchasing an additional 155,982 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of First Horizon during the 1st quarter valued at about $2,366,000. O Shaughnessy Asset Management LLC lifted its position in First Horizon by 286.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock worth $1,012,000 after buying an additional 48,720 shares during the last quarter. Greenwood Capital Associates LLC boosted its stake in First Horizon by 10.1% in the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after buying an additional 42,793 shares in the last quarter. Finally, M&G Plc bought a new position in First Horizon during the first quarter valued at approximately $8,019,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FHN. JPMorgan Chase & Co. lowered 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. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Royal Bank of Canada raised their price objective on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a research report on Thursday, July 18th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

First Horizon Stock Down 2.5 %

Shares of First Horizon stock opened at $19.60 on Friday. 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 $20.11. The company has a market cap of $10.50 billion, a P/E ratio of 14.20, a PEG ratio of 1.27 and a beta of 0.86. The company’s fifty day simple moving average is $16.37 and its two-hundred day simple moving average is $15.88.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $0.27 earnings per share. Research analysts anticipate that First Horizon Co. will post 1.48 EPS for the current year.

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 $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 3.06%. First Horizon’s payout ratio is 43.48%.

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

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.