Point72 DIFC Ltd Makes New $624,000 Investment in First Horizon Co. (NYSE:FHN)

Point72 DIFC Ltd purchased a new stake in shares of First Horizon Co. (NYSE:FHN) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 40,166 shares of the financial services provider’s stock, valued at approximately $624,000.

Several other large investors have also recently modified their holdings of FHN. UMB Bank n.a. increased its stake in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. bought a new stake in shares of First Horizon during the second quarter valued at approximately $28,000. Nemes Rush Group LLC raised its holdings in First Horizon by 306.2% in 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 last quarter. Industrial Alliance Investment Management Inc. bought a new position in First Horizon in the 2nd quarter valued at approximately $31,000. Finally, Covestor Ltd boosted its stake in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FHN shares. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Wells Fargo & Company boosted their target price on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Barclays lifted 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, Royal Bank of Canada increased their price objective on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $19.46.

First Horizon Trading Down 0.4 %

NYSE:FHN opened at $20.61 on Friday. First Horizon Co. has a one year low of $12.95 and a one year high of $21.72. The business has a fifty day moving average price of $18.17 and a 200-day moving average price of $16.55. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. 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 (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the prior year, the business posted $0.27 earnings per share. Sell-side analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its Board of Directors has initiated 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 repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication 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 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 company’s stock in a transaction dated Tuesday, November 12th. The stock was 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 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 disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

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.