Concurrent Investment Advisors LLC Has $424,000 Stock Position in First Horizon Co. (NYSE:FHN)

Concurrent Investment Advisors LLC boosted its stake in First Horizon Co. (NYSE:FHN) by 87.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 21,039 shares of the financial services provider’s stock after buying an additional 9,836 shares during the period. Concurrent Investment Advisors LLC’s holdings in First Horizon were worth $424,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc grew 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 valued at $29,000 after buying an additional 884 shares during the last quarter. Kentucky Trust Co acquired a new position in First Horizon in the 4th quarter valued at about $32,000. Covestor Ltd grew its stake 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 buying an additional 651 shares during the last quarter. True Wealth Design LLC acquired a new position in First Horizon in the 3rd quarter valued at about $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in First Horizon by 335.6% in 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 buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’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 value of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $20.66 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 1.19 and a beta of 0.92. The firm’s 50 day simple moving average is $21.05 and its 200 day simple moving average is $18.74. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the business posted $0.32 EPS. As a group, research analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized 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 usually a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.90%. First Horizon’s dividend payout ratio is currently 44.12%.

Analysts Set New Price Targets

A number of research analysts have issued reports on FHN shares. Stephens restated an “overweight” rating and set a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Barclays increased their target price 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. Wells Fargo & Company increased their target price on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. UBS Group started coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Bank of America increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.04.

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.