M&T Bank Corp Has $317,000 Holdings in First Horizon Co. (NYSE:FHN)

M&T Bank Corp boosted its stake in First Horizon Co. (NYSE:FHN) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,400 shares of the financial services provider’s stock after buying an additional 912 shares during the quarter. M&T Bank Corp’s holdings in First Horizon were worth $317,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. Fifth Third Wealth Advisors LLC acquired a new stake in shares of First Horizon in the 2nd quarter valued at $338,000. New York State Teachers Retirement System grew its stake in First Horizon by 3.6% during the second quarter. New York State Teachers Retirement System now owns 611,032 shares of the financial services provider’s stock worth $9,636,000 after buying an additional 21,072 shares during the last quarter. Family Firm Inc. acquired a new stake in shares of First Horizon during the second quarter worth approximately $28,000. AMG National Trust Bank bought a new position in shares of First Horizon in the second quarter valued at approximately $701,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

FHN opened at $19.11 on Thursday. The company has a fifty day moving average price of $19.13 and a two-hundred day moving average price of $16.86. The firm has a market capitalization of $10.13 billion, a PE ratio of 13.85, a P/E/G ratio of 1.54 and a beta of 0.91. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the previous year, the firm earned $0.27 earnings per share. As a group, analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. cut their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. Finally, Evercore ISI upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.38.

Insider Buying and Selling

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Company 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.