First Horizon Co. (NYSE:FHN) Shares Acquired by AMG National Trust Bank

AMG National Trust Bank boosted its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 106.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,620 shares of the financial services provider's stock after acquiring an additional 47,152 shares during the period. AMG National Trust Bank's holdings in First Horizon were worth $1,423,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Millennium Management LLC grew its stake in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock worth $226,626,000 after buying an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in First Horizon in the second quarter worth about $66,779,000. Bank of New York Mellon Corp grew its holdings in shares of First Horizon by 13.6% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider's stock valued at $510,782,000 after buying an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider's stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in First Horizon by 499.8% during the 1st quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider's stock valued at $63,304,000 after purchasing an additional 3,340,700 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Performance

Shares of First Horizon stock traded down $0.19 on Tuesday, reaching $20.09. 2,554,154 shares of the stock were exchanged, compared to its average volume of 6,622,185. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $10.65 billion, a PE ratio of 14.55, a PEG ratio of 1.52 and a beta of 0.86. First Horizon Co. has a 1-year low of $11.87 and a 1-year high of $20.53. The business has a fifty day moving average price of $16.94 and a two-hundred day moving average price of $16.14.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter last year, the firm posted $0.27 EPS. As a group, research 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 announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.99%. First Horizon's dividend payout ratio (DPR) is currently 43.48%.

First Horizon announced that its board has initiated a stock repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently weighed in on FHN shares. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Royal Bank of Canada boosted their price target on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 9th. Raymond James upped their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $18.38.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,974 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The shares were 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. This represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction that occurred on Tuesday, November 12th. The stock was 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 of the company's stock, valued at $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. 0.87% of the stock is currently owned by company insiders.

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.