Prospera Financial Services Inc Buys 16,872 Shares of First Horizon Co. (NYSE:FHN)

Prospera Financial Services Inc lifted its stake in First Horizon Co. (NYSE:FHN) by 56.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 46,504 shares of the financial services provider’s stock after buying an additional 16,872 shares during the period. Prospera Financial Services Inc’s holdings in First Horizon were worth $722,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. CIBC Asset Management Inc lifted its stake in shares of First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the period. Covestor Ltd lifted its stake in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the period. Access Investment Management LLC lifted its stake in First Horizon by 0.8% during the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after purchasing an additional 715 shares during the period. Simplicity Wealth LLC lifted its stake in First Horizon by 2.8% during the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 786 shares during the period. Finally, KMG Fiduciary Partners LLC lifted its stake in First Horizon by 0.6% during the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after purchasing an additional 952 shares during the period. Institutional investors own 80.28% of the company’s stock.

Insiders Place Their Bets

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 completion of the sale, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Stephens raised their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Royal Bank of Canada raised their price target on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Barclays raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Raymond James lifted their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and an average target price of $18.38.

First Horizon Stock Performance

Shares of First Horizon stock opened at $20.93 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $11.10 billion, a P/E ratio of 15.17, a P/E/G ratio of 1.51 and a beta of 0.86. The firm has a 50 day simple moving average of $17.32 and a 200 day simple moving average of $16.27. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $21.01.

First Horizon (NYSE:FHN) last issued its quarterly 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. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter last year, the business posted $0.27 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

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

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 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.