11,023 Shares in First Horizon Co. (NYSE:FHN) Bought by Leavell Investment Management Inc.

Leavell Investment Management Inc. purchased a new position in shares of First Horizon Co. (NYSE:FHN) in the third quarter, according to its most recent filing with the SEC. The firm purchased 11,023 shares of the financial services provider’s stock, valued at approximately $173,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after purchasing an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 lifted its position in shares of First Horizon by 28.8% during 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 period. Millennium Management LLC boosted its stake in 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 worth $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management grew its holdings in First Horizon by 5.2% in 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 period. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FHN shares. Royal Bank of Canada increased their price objective on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

Insider Activity

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $20.03 on Tuesday. The company has a market capitalization of $10.73 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.47 and a beta of 0.86. The company’s 50-day moving average is $16.50 and its 200 day moving average is $15.96. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. First Horizon Co. has a fifty-two week low of $11.12 and a fifty-two week high of $20.53.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the previous year, the company earned $0.27 earnings per share. On average, equities research analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.00%. First Horizon’s payout ratio is presently 43.48%.

First Horizon declared that its board has approved a stock buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.