Krilogy Financial LLC Makes New Investment in First Horizon Co. (NYSE:FHN)

Krilogy Financial LLC bought a new stake in shares of First Horizon Co. (NYSE:FHN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,951 shares of the financial services provider's stock, valued at approximately $261,000.

Other large investors also recently modified their holdings of the company. Millennium Management LLC raised its stake in First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the period. State Street Corp raised its position in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock valued at $410,789,000 after purchasing an additional 4,116,486 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of First Horizon in the third quarter valued at approximately $39,242,000. Sculptor Capital LP lifted its stake in shares of First Horizon by 18.2% during the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider's stock valued at $160,854,000 after buying an additional 1,570,000 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in First Horizon by 38.8% in the 2nd quarter. AQR Capital Management LLC now owns 5,015,941 shares of the financial services provider's stock worth $76,644,000 after buying an additional 1,402,436 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

NYSE FHN traded up $0.23 on Monday, reaching $21.54. 5,159,421 shares of the company's stock traded hands, compared to its average volume of 4,686,807. The stock has a market cap of $11.42 billion, a PE ratio of 15.61, a P/E/G ratio of 1.36 and a beta of 0.92. First Horizon Co. has a 12 month low of $13.45 and a 12 month high of $21.72. The stock has a 50-day simple moving average of $20.43 and a 200 day simple moving average of $17.71. 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the prior year, the firm earned $0.32 earnings per share. As a group, research analysts predict that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Friday, December 13th. First Horizon's dividend payout ratio (DPR) is presently 43.48%.

First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire 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.

Analyst Ratings Changes

Several equities research analysts have issued reports on FHN shares. Barclays increased their target price on First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, December 20th. Wells Fargo & Company raised their target price on First Horizon from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday. Evercore ISI upped their price target on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Bank of America raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Friday. Finally, Robert W. Baird set a $17.00 target price on shares of First Horizon in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.04.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company's stock in a transaction 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 owns 166,840 shares of the company's stock, valued at $3,323,452.80. This trade represents a 5.65 % 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 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.