First Horizon Co. (NYSE:FHN) Shares Purchased by BNP Paribas Financial Markets

BNP Paribas Financial Markets lifted its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 590.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 517,625 shares of the financial services provider's stock after purchasing an additional 442,686 shares during the period. BNP Paribas Financial Markets owned 0.10% of First Horizon worth $8,039,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Citigroup Inc. increased its holdings in First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock worth $14,724,000 after buying an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock worth $13,482,000 after purchasing an additional 100,359 shares during the period. Greenwood Capital Associates LLC lifted its stake in First Horizon by 10.1% in 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 during the last quarter. Allen Capital Group LLC grew its holdings in First Horizon by 128.4% during the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after purchasing an additional 29,581 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in First Horizon by 127.1% during the third quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider's stock valued at $1,644,000 after acquiring an additional 59,258 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FHN shares. Wedbush cut shares of First Horizon from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. 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 report on Tuesday. JPMorgan Chase & Co. dropped their price target on First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Barclays raised their target price on shares of First Horizon from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Finally, Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $19.46.

Insider Buying and Selling

In other 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 value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated Tuesday, November 12th. The shares were 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 of the company's stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

First Horizon Stock Down 0.8 %

NYSE FHN traded down $0.16 during midday trading on Tuesday, hitting $20.57. 1,404,236 shares of the company traded hands, compared to its average volume of 6,541,502. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The company's 50-day simple moving average is $17.95 and its 200-day simple moving average is $16.49. The company has a market cap of $10.90 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.58 and a beta of 0.91. 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 - Get Free Report) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter in the previous year, the firm earned $0.27 earnings per share. As a group, equities research analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio is presently 43.48%.

First Horizon announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows 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 board believes its shares are undervalued.

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.