Tandem Financial LLC Invests $74,000 in First Horizon Co. (NYSE:FHN)

Tandem Financial LLC bought a new stake in First Horizon Co. (NYSE:FHN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,667 shares of the financial services provider’s stock, valued at approximately $74,000.

Other hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. grew 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 during the last quarter. Versant Capital Management Inc boosted its position in First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the last quarter. Covestor Ltd boosted its position in 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 buying an additional 651 shares during the last quarter. True Wealth Design LLC acquired a new position in First Horizon in the 3rd quarter worth approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after buying an additional 2,000 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction 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 sale, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Barclays increased their price target on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Royal Bank of Canada boosted their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Stephens reaffirmed an “overweight” rating and set a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Stock Performance

FHN opened at $22.36 on Friday. The firm’s fifty day simple moving average is $20.72 and its two-hundred day simple moving average is $18.21. First Horizon Co. has a 52-week low of $13.45 and a 52-week high of $22.39. The company has a market cap of $11.86 billion, a price-to-earnings ratio of 16.44, a PEG ratio of 1.24 and a beta of 0.92. 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 issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the firm posted $0.32 EPS. Equities analysts anticipate that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon announced that its board has approved a stock repurchase 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 reacquire up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

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.