Citigroup Inc. Increases Stake in First Horizon Co. (NYSE:FHN)

Citigroup Inc. increased its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 43.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 948,122 shares of the financial services provider's stock after acquiring an additional 285,108 shares during the quarter. Citigroup Inc. owned approximately 0.18% of First Horizon worth $14,724,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after acquiring an additional 1,325 shares during the period. Family Firm Inc. purchased a new stake in shares of First Horizon during the second quarter valued at about $28,000. Nemes Rush Group LLC lifted its position in shares of 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 valued at $29,000 after buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. purchased a new stake in shares of First Horizon during the second quarter valued at about $31,000. Finally, Covestor Ltd lifted its position in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after buying an additional 651 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

NYSE:FHN traded down $0.10 during midday trading on Thursday, hitting $21.09. The company's stock had a trading volume of 3,894,522 shares, compared to its average volume of 6,595,510. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $21.72. The firm's 50 day moving average is $17.65 and its 200-day moving average is $16.38. 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 cap of $11.18 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.60 and a beta of 0.86.

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 for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the prior year, the company earned $0.27 EPS. Equities analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared 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 is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.84%. First Horizon's dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its Board of Directors has authorized a share repurchase 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 board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on FHN shares. The Goldman Sachs Group increased their price target on shares of First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Royal Bank of Canada increased their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Finally, Wedbush lowered shares of First Horizon from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of "Moderate Buy" and an average target price of $18.71.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of 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. Corporate insiders own 0.87% of the company's stock.

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.