Geode Capital Management LLC Purchases 61,397 Shares of First Horizon Co. (NYSE:FHN)

Geode Capital Management LLC lifted its stake in First Horizon Co. (NYSE:FHN - Free Report) by 0.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,346,924 shares of the financial services provider's stock after acquiring an additional 61,397 shares during the period. Geode Capital Management LLC owned 1.76% of First Horizon worth $145,194,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. CIBC Asset Management Inc lifted its stake in shares of First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider's stock worth $254,000 after acquiring an additional 559 shares during the period. Covestor Ltd lifted its stake in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after acquiring an additional 651 shares during the period. Access Investment Management LLC lifted its stake in shares of First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider's stock worth $1,382,000 after acquiring an additional 715 shares during the period. CreativeOne Wealth LLC lifted its stake in shares of First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider's stock worth $181,000 after acquiring an additional 773 shares during the period. Finally, M&T Bank Corp lifted its stake in shares of First Horizon by 4.7% in the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider's stock worth $317,000 after acquiring an additional 912 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at First Horizon

In other First Horizon 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 value of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company's stock in a transaction that occurred 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 transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

Wall Street Analysts Forecast Growth

FHN has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of First Horizon from $18.00 to $21.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. 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. Wedbush lowered shares of First Horizon from an "outperform" rating to a "neutral" rating and cut their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. cut their target price on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Finally, Barclays increased 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. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average target price of $20.38.

First Horizon Trading Down 1.7 %

Shares of FHN stock traded down $0.36 during trading hours on Tuesday, reaching $19.95. 4,767,977 shares of the stock traded hands, compared to its average volume of 6,544,561. The firm has a market capitalization of $10.57 billion, a PE ratio of 14.45, a PEG ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average price of $19.06 and a 200 day moving average price of $16.84. First Horizon Co. has a 1-year low of $12.95 and a 1-year high of $21.72.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate 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 net margin of 15.43% and a return on equity of 9.51%. During the same quarter in the prior year, the business earned $0.27 EPS. On average, equities research analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon declared that its Board of Directors has approved a stock buyback 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 stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is 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 $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 3.01%. First Horizon's dividend payout ratio is presently 43.48%.

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.