Independent Advisor Alliance Boosts Stake in First Horizon Co. (NYSE:FHN)

Independent Advisor Alliance grew its stake in First Horizon Co. (NYSE:FHN) by 3.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,098 shares of the financial services provider’s stock after buying an additional 2,157 shares during the period. Independent Advisor Alliance’s holdings in First Horizon were worth $887,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. 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 last quarter. Covestor Ltd raised its holdings 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 buying an additional 651 shares during the last quarter. Access Investment Management LLC raised its holdings in shares of First Horizon by 0.8% in the second 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 raised its holdings in shares of 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 last quarter. Finally, KMG Fiduciary Partners LLC raised its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FHN. The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday. Raymond James raised their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a report on Thursday, October 17th. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.71.

Insider Activity

In related news, 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 transaction of $199,200.00. Following the transaction, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $1,996,255.98. Following the transaction, the executive vice president now 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 disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Down 0.5 %

Shares of NYSE FHN opened at $21.09 on Thursday. The company’s 50-day simple moving average is $17.54 and its 200-day simple moving average is $16.35. First Horizon Co. has a 52-week low of $11.87 and a 52-week high of $21.72. The firm has a market cap of $11.18 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 1.60 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter last year, the business earned $0.27 earnings per share. Equities analysts predict that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.84%. First Horizon’s dividend payout ratio (DPR) is 43.48%.

First Horizon declared that its board has authorized a share repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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.