R Squared Ltd Makes New Investment in First Horizon Co. (NYSE:FHN)

R Squared Ltd purchased a new stake in shares of First Horizon Co. (NYSE:FHN) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,290 shares of the financial services provider’s stock, valued at approximately $66,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. CIBC Asset Management Inc increased its stake in shares of First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the period. Covestor Ltd increased 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 worth $34,000 after purchasing an additional 651 shares during the period. CreativeOne Wealth LLC raised 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 last quarter. Pacer Advisors Inc. lifted its position in First Horizon by 1.1% during the 4th 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 boosted its stake in shares of First Horizon by 10.6% in the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider’s stock valued at $184,000 after purchasing an additional 875 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Activity

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’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 owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock worth $4,519,333 over the last ninety days. Insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FHN shares. The Goldman Sachs Group boosted their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised their price target on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Barclays upped their price objective on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Bank of America raised their target price on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Trading Down 0.1 %

Shares of NYSE:FHN opened at $21.91 on Friday. The firm has a market cap of $11.62 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 1.22 and a beta of 0.92. First Horizon Co. has a 12 month low of $13.45 and a 12 month high of $22.11. The company’s fifty day simple moving average is $20.66 and its 200 day simple moving average is $18.06. 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 released its quarterly earnings results 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 return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the business posted $0.32 EPS. As a group, research analysts forecast that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon declared that its board has authorized a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.74%. First Horizon’s dividend payout ratio is currently 44.12%.

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.