Paloma Partners Management Co Purchases New Position in First Horizon Co. (NYSE:FHN)

Paloma Partners Management Co purchased a new stake in shares of First Horizon Co. (NYSE:FHN) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 25,608 shares of the financial services provider’s stock, valued at approximately $398,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in shares of First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new stake in shares of First Horizon in the 2nd quarter valued at approximately $28,000. Nemes Rush Group LLC lifted its stake in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in shares of First Horizon in the 2nd quarter valued at approximately $31,000. Finally, Covestor Ltd lifted its stake in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Trading Up 0.4 %

FHN opened at $20.70 on Thursday. The stock’s fifty day moving average is $18.06 and its two-hundred day moving average is $16.52. The company has a market capitalization of $10.97 billion, a P/E ratio of 15.00, a PEG ratio of 1.55 and a beta of 0.91. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the business posted $0.27 EPS. Analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.90%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon announced that its board has authorized a share buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FHN shares. Stephens raised 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. The Goldman Sachs Group raised their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Royal Bank of Canada increased their price target on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Evercore ISI increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.46.

Insider Activity

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The shares were 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 owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

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.