Fisher Asset Management LLC Boosts Holdings in First Horizon Co. (NYSE:FHN)

Fisher Asset Management LLC lifted its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 18.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 242,684 shares of the financial services provider's stock after buying an additional 37,939 shares during the quarter. Fisher Asset Management LLC's holdings in First Horizon were worth $3,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. UMB Bank n.a. grew 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 period. Family Firm Inc. bought a new stake in shares of First Horizon during the second quarter valued at approximately $28,000. Nemes Rush Group LLC grew its stake in First Horizon by 306.2% in the second 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 during the period. Industrial Alliance Investment Management Inc. purchased a new position in First Horizon during the second quarter valued at $31,000. Finally, Covestor Ltd lifted 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 buying an additional 651 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FHN. Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday. Royal Bank of Canada boosted their price target on First Horizon from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Stephens lifted their price objective on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and a consensus target price of $18.71.

Insider Buying and Selling at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction 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 transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company's stock in a transaction 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 owns 519,926 shares of the company's stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

First Horizon Stock Performance

Shares of FHN traded up $0.05 during mid-day trading on Friday, hitting $21.15. 1,978,918 shares of the company traded hands, compared to its average volume of 6,575,525. 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 quick ratio of 0.95 and a current ratio of 0.96. The stock has a 50-day moving average price of $17.75 and a two-hundred day moving average price of $16.41. The stock has a market cap of $11.21 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 1.57 and a beta of 0.86.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share 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 analyst estimates of $821.63 million. During the same period in the previous year, the business earned $0.27 EPS. Equities analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given 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 2.84%. First Horizon's payout ratio is 43.48%.

First Horizon declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is 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.