The Manufacturers Life Insurance Company Decreases Stake in First Horizon Co. (NYSE:FHN)

The Manufacturers Life Insurance Company decreased its position in First Horizon Co. (NYSE:FHN - Free Report) by 3.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,233,797 shares of the financial services provider's stock after selling 45,406 shares during the period. The Manufacturers Life Insurance Company owned 0.23% of First Horizon worth $19,161,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. UMB Bank n.a. boosted its stake in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. purchased a new position in shares of First Horizon in the 2nd quarter valued at $28,000. Nemes Rush Group LLC raised its position 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 acquiring an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. purchased a new stake in shares of First Horizon during the 2nd quarter worth $31,000. Finally, Covestor Ltd boosted its position in 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 purchasing an additional 651 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Barclays lifted their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Raymond James raised their price objective on First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. The Goldman Sachs Group boosted their target price on First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada increased their price target on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $18.71.

Insider Activity at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the company's 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 transaction, the director now directly owns 166,840 shares of the company's stock, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction 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 $10,278,937.02. This represents a 16.26 % 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 Stock Performance

NYSE:FHN traded up $0.04 during mid-day trading on Friday, hitting $21.13. The company's stock had a trading volume of 1,978,918 shares, compared to its average volume of 6,590,941. The business's fifty day moving average is $17.85 and its two-hundred day moving average is $16.45. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.58 and a beta of 0.86. First Horizon Co. has a 1 year low of $12.40 and a 1 year high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm 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 business earned $0.27 earnings per share. Analysts anticipate that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors 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 2.84%. 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 has authorized a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership 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.