Kentucky Trust Co Takes $32,000 Position in First Horizon Co. (NYSE:FHN)

Kentucky Trust Co bought a new stake in First Horizon Co. (NYSE:FHN) during the 4th quarter, HoldingsChannel reports. The firm bought 1,587 shares of the financial services provider’s stock, valued at approximately $32,000.

Several other institutional investors have also modified their holdings of FHN. UMB Bank n.a. grew 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 purchasing an additional 1,325 shares during the period. Versant Capital Management Inc grew its stake in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 884 shares in the last quarter. Covestor Ltd grew its stake in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares in the last quarter. True Wealth Design LLC purchased a new stake in First Horizon during the 3rd quarter valued at about $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the subject of several research reports. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research note on Thursday, October 17th. JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Wells Fargo & Company upped their price objective on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Evercore ISI upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $22.04.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of the 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Stock Performance

NYSE:FHN opened at $22.14 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market capitalization of $11.74 billion, a P/E ratio of 16.28, a PEG ratio of 1.26 and a beta of 0.92. The company has a 50 day moving average price of $20.84 and a 200 day moving average price of $18.38. First Horizon Co. has a fifty-two week low of $13.57 and a fifty-two week high of $22.44.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the previous year, the company posted $0.32 earnings per share. Equities research analysts forecast that First Horizon Co. will post 1.64 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.71%. First Horizon’s payout ratio is currently 44.12%.

First Horizon announced that its board has initiated a share buyback program 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 purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.