Highland Capital Management LLC Buys 22,709 Shares of First Horizon Co. (NYSE:FHN)

Highland Capital Management LLC raised its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 7.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 339,664 shares of the financial services provider's stock after acquiring an additional 22,709 shares during the period. Highland Capital Management LLC owned about 0.06% of First Horizon worth $6,841,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc raised its stake in shares of First Horizon by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider's stock worth $254,000 after purchasing an additional 559 shares during the period. Covestor Ltd boosted its stake in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 651 shares during the last quarter. CreativeOne Wealth LLC boosted its stake in First Horizon by 7.1% in the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider's stock valued at $181,000 after acquiring an additional 773 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of First Horizon by 1.1% during the 4th quarter. Pacer Advisors Inc. now owns 79,022 shares of the financial services provider's stock valued at $1,592,000 after acquiring an additional 824 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of First Horizon by 10.6% in the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider's stock worth $184,000 after purchasing an additional 875 shares during the period. Institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

FHN has been the subject of several research reports. The Goldman Sachs Group increased their price objective on First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Evercore ISI lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on shares of First Horizon from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a research note on Thursday, December 19th. Finally, Stephens restated an "overweight" rating and set a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.04.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock worth $4,519,333 over the last 90 days. Corporate insiders own 0.87% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.32 on Thursday, hitting $21.82. The company's stock had a trading volume of 3,551,939 shares, compared to its average volume of 5,970,007. First Horizon Co. has a 1 year low of $13.45 and a 1 year high of $22.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market capitalization of $11.57 billion, a PE ratio of 16.14, a PEG ratio of 1.19 and a beta of 0.92. The company has a 50-day simple moving average of $20.61 and a 200 day simple moving average of $18.00.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the firm earned $0.32 earnings per share. Sell-side analysts forecast that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.75%. First Horizon's dividend payout ratio is presently 44.12%.

First Horizon announced that its Board of Directors has approved a share repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

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.