Creative Planning Decreases Holdings in First Horizon Co. (NYSE:FHN)

Creative Planning reduced its holdings in shares of First Horizon Co. (NYSE:FHN) by 7.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 76,863 shares of the financial services provider’s stock after selling 5,882 shares during the quarter. Creative Planning’s holdings in First Horizon were worth $1,194,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. UMB Bank n.a. boosted its holdings in 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 in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of First Horizon during the 1st quarter worth approximately $28,000. Family Firm Inc. purchased a new stake in shares of First Horizon during the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC boosted its holdings 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 buying an additional 1,378 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new position in shares of First Horizon in the 2nd quarter valued at $31,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $17.56 on Thursday. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 1.30 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. First Horizon Co. has a 1-year low of $10.55 and a 1-year high of $17.93. The business has a 50-day moving average of $16.16 and a 200-day moving average of $15.73.

First Horizon (NYSE:FHN) last released its quarterly earnings results 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 business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the previous year, the firm posted $0.27 earnings per share. On average, equities analysts anticipate that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a share buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding 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 usually a sign that the company’s leadership believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.42%. First Horizon’s payout ratio is currently 41.96%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Barclays boosted their target price on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Royal Bank of Canada lifted their price target on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

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.