Los Angeles Capital Management LLC Purchases 100,359 Shares of First Horizon Co. (NYSE:FHN)

Los Angeles Capital Management LLC grew its stake in First Horizon Co. (NYSE:FHN - Free Report) by 13.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 868,094 shares of the financial services provider's stock after purchasing an additional 100,359 shares during the period. Los Angeles Capital Management LLC owned approximately 0.16% of First Horizon worth $13,482,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Sei Investments Co. lifted its position in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider's stock valued at $6,573,000 after acquiring an additional 155,982 shares in the last quarter. Seven Eight Capital LP purchased a new position in First Horizon in the first quarter valued at about $2,366,000. O Shaughnessy Asset Management LLC boosted its holdings in First Horizon by 286.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider's stock valued at $1,012,000 after purchasing an additional 48,720 shares during the last quarter. Greenwood Capital Associates LLC boosted its holdings 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. Finally, Harbor Capital Advisors Inc. boosted its holdings in First Horizon by 127.1% in 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 purchasing an additional 59,258 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Down 0.7 %

Shares of FHN traded down $0.14 during mid-day trading on Tuesday, hitting $19.89. 1,583,284 shares of the company's stock were exchanged, compared to its average volume of 6,618,015. The stock's 50-day moving average is $16.50 and its 200-day moving average is $15.96. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. First Horizon Co. has a fifty-two week low of $11.12 and a fifty-two week high of $20.53. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 14.51, a P/E/G ratio of 1.47 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. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $0.27 earnings per share. On average, sell-side analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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

First Horizon declared that its Board of Directors has authorized a stock repurchase program 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 repurchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on FHN. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Wedbush downgraded First Horizon from an "outperform" rating to a "neutral" rating and cut their price target for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Raymond James raised their price target on First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday. StockNews.com upgraded First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, July 20th. Finally, Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.38.

Insider Buying and Selling

In other news, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

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.