Harbor Capital Advisors Inc. Grows Stock Position in First Horizon Co. (NYSE:FHN)

Harbor Capital Advisors Inc. grew its stake in First Horizon Co. (NYSE:FHN - Free Report) by 127.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 105,866 shares of the financial services provider's stock after buying an additional 59,258 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in First Horizon were worth $1,644,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. UMB Bank n.a. increased its stake in shares of First Horizon by 365.0% in the 3rd 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. Fidelis Capital Partners LLC purchased a new position in shares of First Horizon in the 1st quarter valued at about $28,000. Family Firm Inc. purchased a new position in shares of First Horizon in the 2nd quarter valued at about $28,000. Nemes Rush Group LLC increased its stake 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 valued at $29,000 after purchasing an additional 1,378 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new position in shares of First Horizon in the 2nd quarter valued at about $31,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on FHN. Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Barclays increased their target price on First Horizon from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Stephens increased their target price on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Finally, Wedbush cut First Horizon from an "outperform" rating to a "neutral" rating and reduced their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.92.

First Horizon Trading Up 16.4 %

FHN stock traded up $2.83 during midday trading on Wednesday, hitting $20.09. 21,755,862 shares of the company's stock were exchanged, compared to its average volume of 6,602,000. The business has a 50-day simple moving average of $16.24 and a two-hundred day simple moving average of $15.82. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.77 billion, a PE ratio of 14.02, a P/E/G ratio of 1.29 and a beta of 0.86. First Horizon Co. has a 1-year low of $10.96 and a 1-year high of $20.11.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the firm earned $0.27 earnings per share. On average, sell-side analysts predict that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon declared that its board has approved a stock repurchase program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.99%. First Horizon's dividend payout ratio is currently 43.48%.

About First Horizon

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.