Lecap Asset Management Ltd. Purchases 8,154 Shares of First Horizon Co. (NYSE:FHN)

Lecap Asset Management Ltd. raised its position in First Horizon Co. (NYSE:FHN) by 18.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,698 shares of the financial services provider’s stock after buying an additional 8,154 shares during the quarter. Lecap Asset Management Ltd.’s holdings in First Horizon were worth $1,061,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FHN. UMB Bank n.a. boosted its position in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the period. Versant Capital Management Inc raised its stake in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Covestor Ltd boosted its holdings in 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 period. True Wealth Design LLC acquired a new position in shares of First Horizon during the 3rd quarter worth approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,000 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FHN. Keefe, Bruyette & Woods boosted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Raymond James upped their target price on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Wells Fargo & Company raised their price target on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Barclays upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Finally, UBS Group assumed coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price on the stock. Seven 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, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Price Performance

Shares of NYSE:FHN opened at $22.33 on Friday. First Horizon Co. has a one year low of $13.46 and a one year high of $22.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $11.84 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.24 and a beta of 0.92. The firm has a 50 day simple moving average of $20.74 and a 200 day simple moving average of $18.25.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the business posted $0.32 earnings per share. Research analysts predict that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

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

Insider Transactions at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % 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.

About First Horizon

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.