90,000 Shares in First Horizon Co. (NYSE:FHN) Purchased by Smith Group Asset Management LLC

Smith Group Asset Management LLC acquired a new position in First Horizon Co. (NYSE:FHN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 90,000 shares of the financial services provider’s stock, valued at approximately $1,813,000.

Several other institutional investors have also added to or reduced their stakes in FHN. CIBC Asset Management Inc raised its holdings 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 worth $254,000 after buying an additional 559 shares during the period. Covestor Ltd increased its stake in 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. CreativeOne Wealth LLC lifted its position in shares of First Horizon by 7.1% during the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 773 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of First Horizon by 1.1% during the fourth quarter. Pacer Advisors Inc. now owns 79,022 shares of the financial services provider’s stock valued at $1,592,000 after purchasing an additional 824 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of First Horizon by 10.6% in the fourth quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock worth $184,000 after purchasing an additional 875 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Insider Activity

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock valued at $4,519,333 over the last ninety days. 0.87% of the stock is currently owned by insiders.

First Horizon Trading Up 0.4 %

Shares of NYSE:FHN opened at $21.30 on Wednesday. The business’s 50-day moving average is $20.57 and its 200 day moving average is $17.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 1 year low of $13.45 and a 1 year high of $21.82. The firm has a market capitalization of $11.29 billion, a P/E ratio of 15.66, a P/E/G ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the company earned $0.32 EPS. On average, research analysts predict that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.82%. First Horizon’s payout ratio is currently 44.12%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FHN shares. Stephens reissued an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Bank of America increased their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. The Goldman Sachs Group upped their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lifted their price objective on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.04.

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.