Aigen Investment Management LP Invests $219,000 in First Horizon Co. (NYSE:FHN)

Aigen Investment Management LP purchased a new position in shares of First Horizon Co. (NYSE:FHN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,116 shares of the financial services provider’s stock, valued at approximately $219,000.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of First Horizon by 1.1% during the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after buying an additional 627,730 shares during the period. Bank of New York Mellon Corp boosted its holdings in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP grew its position in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Millennium Management LLC increased its stake in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the period. Finally, LSV Asset Management lifted its position in shares of First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research note on Thursday, October 17th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. dropped their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Stephens lifted their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Raymond James increased their price target on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

Insider Transactions at First Horizon

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

First Horizon Trading Up 1.0 %

NYSE FHN opened at $20.36 on Friday. First Horizon Co. has a 52 week low of $11.87 and a 52 week high of $20.53. The company has a 50 day moving average price of $16.85 and a 200 day moving average price of $16.10. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a market cap of $10.79 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the firm posted $0.27 earnings per share. As a group, sell-side analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

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

First Horizon 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.