Quantinno Capital Management LP Buys 2,145 Shares of First Horizon Co. (NYSE:FHN)

Quantinno Capital Management LP boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 8.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,760 shares of the financial services provider’s stock after buying an additional 2,145 shares during the period. Quantinno Capital Management LP’s holdings in First Horizon were worth $431,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its position in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. purchased a new stake in First Horizon in the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC raised its stake in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. purchased a new position in First Horizon during the second quarter valued at approximately $31,000. Finally, Covestor Ltd boosted its position in shares of First Horizon by 44.0% in 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. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. The Goldman Sachs Group raised their price target on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Royal Bank of Canada upped their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company boosted their price target on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.69.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $20.19 on Monday. The firm has a fifty day simple moving average of $18.88 and a two-hundred day simple moving average of $16.78. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.70 billion, a P/E ratio of 14.63, a PEG ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share 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 company 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 firm posted $0.27 earnings per share. On average, analysts expect that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.97%. First Horizon’s dividend payout ratio is presently 43.48%.

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

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, 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 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.