First Citizens Bank & Trust Co. Takes $304,000 Position in First Horizon Co. (NYSE:FHN)

First Citizens Bank & Trust Co. bought a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 15,113 shares of the financial services provider's stock, valued at approximately $304,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citigroup Inc. boosted its holdings in shares of First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock valued at $14,724,000 after purchasing an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in First Horizon by 13.1% during the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock valued at $13,482,000 after buying an additional 100,359 shares during the last quarter. Allen Capital Group LLC grew its holdings in First Horizon by 128.4% during the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after buying an additional 29,581 shares in the last quarter. Merit Financial Group LLC bought a new stake in First Horizon in the 4th quarter worth approximately $453,000. Finally, Greenwood Capital Associates LLC raised its stake in First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock valued at $7,229,000 after purchasing an additional 42,793 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Down 0.1 %

Shares of NYSE:FHN traded down $0.03 during trading on Friday, reaching $21.91. 6,420,411 shares of the company were exchanged, compared to its average volume of 5,506,487. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $11.62 billion, a PE ratio of 16.11, a P/E/G ratio of 1.22 and a beta of 0.92. The business's fifty day simple moving average is $20.66 and its 200-day simple moving average is $18.07. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $22.11.

First Horizon (NYSE:FHN - Get Free Report) last issued its 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 return on equity of 10.10% and a net margin of 15.38%. During the same quarter last year, the firm posted $0.32 earnings per share. On average, research analysts anticipate that First Horizon Co. will post 1.63 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Wells Fargo & Company boosted their target price on First Horizon from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. Barclays raised 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. UBS Group started coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price objective for the company. Finally, Evercore ISI increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.04.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the 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 sale, the executive vice president now owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business'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 completion of the transaction, the director now directly owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 220,954 shares of company stock worth $4,519,333 in the last three months. Corporate 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.