Stephens Inc. AR Acquires 9,458 Shares of First Horizon Co. (NYSE:FHN)

Stephens Inc. AR increased its holdings in shares of First Horizon Co. (NYSE:FHN) by 6.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 165,629 shares of the financial services provider’s stock after purchasing an additional 9,458 shares during the quarter. Stephens Inc. AR’s holdings in First Horizon were worth $2,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of First Horizon by 13.6% during the second 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 purchasing an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management lifted its holdings 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 valued at $221,187,000 after purchasing an additional 692,100 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FHN shares. Barclays upped their price objective on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Evercore ISI upped their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Royal Bank of Canada upped their price objective on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.92.

First Horizon Stock Performance

NYSE:FHN opened at $17.19 on Monday. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12-month low of $10.89 and a 12-month high of $17.93. The stock has a 50-day moving average price of $16.21 and a 200 day moving average price of $15.77. The stock has a market capitalization of $9.21 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.30 and a beta of 0.86.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter last year, the business posted $0.27 earnings per share. Equities research analysts forecast that First Horizon Co. will post 1.48 EPS for the current fiscal year.

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

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

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.