Entropy Technologies LP Buys New Position in First Horizon Co. (NYSE:FHN)

Entropy Technologies LP purchased a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 171,833 shares of the financial services provider's stock, valued at approximately $2,669,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider's stock worth $886,640,000 after acquiring an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in First Horizon by 13.6% in the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider's stock worth $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Horizon by 28.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider's stock worth $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Millennium Management LLC boosted its holdings in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock worth $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider's stock worth $221,187,000 after acquiring an additional 692,100 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of First Horizon stock traded down $0.15 on Tuesday, reaching $19.88. The company's stock had a trading volume of 4,386,915 shares, compared to its average volume of 6,630,816. The company has a market capitalization of $10.65 billion, a P/E ratio of 14.51, a PEG ratio of 1.47 and a beta of 0.86. First Horizon Co. has a 52-week low of $11.12 and a 52-week high of $20.53. The stock has a 50-day moving average price of $16.50 and a 200-day moving average price of $15.96. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the previous year, the company posted $0.27 earnings per share. Analysts expect that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon announced that its board has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio (DPR) is currently 43.48%.

Insiders Place Their Bets

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 stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FHN shares. Stephens raised their price target on First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Barclays raised their price objective on First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday. JPMorgan Chase & Co. reduced their price objective 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. Evercore ISI raised their price objective on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.38.

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.