Thrivent Financial for Lutherans Grows Holdings in First Horizon Co. (NYSE:FHN)

Thrivent Financial for Lutherans boosted its stake in First Horizon Co. (NYSE:FHN - Free Report) by 106.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 622,481 shares of the financial services provider's stock after purchasing an additional 321,098 shares during the quarter. Thrivent Financial for Lutherans owned about 0.12% of First Horizon worth $9,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. UMB Bank n.a. lifted its holdings in shares of First Horizon by 365.0% during the 3rd 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 last quarter. Family Firm Inc. bought a new stake in First Horizon during the second quarter worth about $28,000. Nemes Rush Group LLC boosted its holdings in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock worth $29,000 after purchasing an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. purchased a new position in shares of First Horizon in the 2nd quarter worth about $31,000. Finally, Covestor Ltd increased its position in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on FHN shares. Royal Bank of Canada upped their target price on First Horizon from $19.00 to $20.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Barclays upped their price objective 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. Stephens lifted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Evercore ISI raised their price objective on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Finally, Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $20.00 to $17.00 in a research note 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. Based on data from MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and a consensus price target of $18.38.

Insider Activity

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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. This trade represents a 16.26 % decrease in their position. The transaction was disclosed in a 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 the company's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now 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. Company insiders own 0.87% of the company's stock.

First Horizon Trading Up 3.8 %

NYSE FHN traded up $0.76 during trading on Friday, hitting $20.93. The company had a trading volume of 6,923,728 shares, compared to its average volume of 6,611,490. The company's fifty day moving average is $17.22 and its 200-day moving average is $16.23. First Horizon Co. has a one year low of $11.87 and a one year high of $21.01. 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 company has a market cap of $11.10 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during 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 period last year, the business posted $0.27 earnings per share. On average, sell-side analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Friday, December 13th. First Horizon's dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its board has authorized a stock repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

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.