Fisher Asset Management LLC Boosts Stock Position in First Horizon Co. (NYSE:FHN)

Fisher Asset Management LLC increased its stake in First Horizon Co. (NYSE:FHN) by 18.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 242,684 shares of the financial services provider’s stock after buying an additional 37,939 shares during the period. Fisher Asset Management LLC’s holdings in First Horizon were worth $3,769,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. CIBC Asset Management Inc grew its stake in shares of First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after buying an additional 559 shares during the last quarter. Covestor Ltd grew its stake in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares during the last quarter. Access Investment Management LLC grew its stake in shares of First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after buying an additional 715 shares during the last quarter. Simplicity Wealth LLC grew its stake in shares of First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after buying an additional 786 shares during the last quarter. Finally, KMG Fiduciary Partners LLC grew its stake in shares of First Horizon by 0.6% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after buying an additional 952 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the business’s 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 transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on FHN. The Goldman Sachs Group upped their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday. Stephens upped their price objective on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. 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. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. lowered their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $18.71.

First Horizon Stock Performance

FHN stock opened at $21.09 on Friday. The company has a market cap of $11.18 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 1.60 and a beta of 0.86. First Horizon Co. has a 1 year low of $11.87 and a 1 year high of $21.72. 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 stock’s fifty day moving average price is $17.65 and its 200-day moving average price is $16.38.

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 the consensus estimate of $0.38 by $0.04. The company 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 previous year, the business earned $0.27 earnings per share. On average, equities analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

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

First Horizon Dividend Announcement

The business 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. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.84%. First Horizon’s dividend payout ratio (DPR) 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.