Wilmington Savings Fund Society FSB Acquires New Stake in First Horizon Co. (NYSE:FHN)

Wilmington Savings Fund Society FSB bought a new position in shares of First Horizon Co. (NYSE:FHN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 8,160 shares of the financial services provider’s stock, valued at approximately $127,000.

Several other hedge funds have also recently bought and sold shares of FHN. CIBC Asset Management Inc boosted its stake 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 valued at $254,000 after purchasing an additional 559 shares during the period. Covestor Ltd raised its stake 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 valued at $34,000 after acquiring an additional 651 shares in the last quarter. Access Investment Management LLC grew its stake in First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after purchasing an additional 715 shares in the last quarter. CreativeOne Wealth LLC increased its holdings in First Horizon by 7.1% during the 3rd 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 period. Finally, M&T Bank Corp raised its position in First Horizon by 4.7% in the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 912 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FHN. Stephens boosted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Evercore ISI boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. UBS Group began coverage on shares of First Horizon in a research report on Tuesday. They set a “buy” rating and a $25.00 price objective for the company. Wells Fargo & Company raised their price target on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price objective on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.85.

Insider Activity

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 directly owns 166,840 shares in the company, valued at $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 is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Up 0.8 %

Shares of NYSE FHN opened at $19.27 on Friday. The stock has a market cap of $10.22 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. First Horizon Co. has a 52-week low of $12.95 and a 52-week high of $21.72. The business has a 50-day moving average price of $19.20 and a 200 day moving average price of $16.88. 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, topping analysts’ consensus estimates 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 period last year, the firm posted $0.27 earnings per share. Equities research analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.11%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.