First Horizon Co. (NYSE:FHN) Shares Acquired by Barclays PLC

Barclays PLC lifted its position in First Horizon Co. (NYSE:FHN) by 169.1% during the third quarter, HoldingsChannel.com reports. The fund owned 1,886,828 shares of the financial services provider’s stock after acquiring an additional 1,185,772 shares during the period. Barclays PLC’s holdings in First Horizon were worth $29,301,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. lifted its holdings in First Horizon by 365.0% in 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. purchased a new position in shares of First Horizon in the second quarter worth about $28,000. Nemes Rush Group LLC boosted its position in First Horizon by 306.2% during the second 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. purchased a new stake in First Horizon during the 2nd quarter valued at about $31,000. Finally, Covestor Ltd raised its holdings in First Horizon by 44.0% in the 3rd 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 during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of FHN opened at $20.20 on Friday. The firm has a 50-day simple moving average of $18.88 and a two-hundred day simple moving average of $16.77. The stock has a market cap of $10.71 billion, a PE ratio of 14.63, a P/E/G ratio of 1.54 and a beta of 0.91. First Horizon Co. has a 1-year low of $12.95 and a 1-year high of $21.72. 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 posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter last year, the company posted $0.27 EPS. As a group, analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.97%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon announced that its Board of Directors 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 buy up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Company boosted their price objective on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. cut their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Barclays boosted their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Stephens raised their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $19.69.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

First Horizon 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.