L. Roy Papp & Associates LLP Makes New $905,000 Investment in First Horizon Co. (NYSE:FHN)

L. Roy Papp & Associates LLP bought a new stake in First Horizon Co. (NYSE:FHN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 44,913 shares of the financial services provider's stock, valued at approximately $905,000.

Several other hedge funds also recently modified their holdings of the business. Cetera Investment Advisers raised its holdings in First Horizon by 79.7% during the 2nd quarter. Cetera Investment Advisers now owns 105,574 shares of the financial services provider's stock worth $1,665,000 after buying an additional 46,812 shares during the period. Sanctuary Advisors LLC acquired a new stake in First Horizon during the 2nd quarter worth approximately $312,000. CWM LLC raised its holdings in First Horizon by 70.6% during the 3rd quarter. CWM LLC now owns 99,157 shares of the financial services provider's stock worth $1,540,000 after buying an additional 41,050 shares during the period. UMB Bank n.a. raised its holdings in 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 buying an additional 1,325 shares during the period. Finally, Inspire Investing LLC raised its holdings in shares of First Horizon by 18.4% in the third quarter. Inspire Investing LLC now owns 26,446 shares of the financial services provider's stock valued at $411,000 after purchasing an additional 4,101 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.12 during trading on Friday, reaching $22.11. The company's stock had a trading volume of 2,806,273 shares, compared to its average volume of 5,906,967. The business's 50-day moving average price is $20.89 and its 200-day moving average price is $18.45. The firm has a market cap of $11.72 billion, a PE ratio of 16.25, a P/E/G ratio of 1.26 and a beta of 0.92. First Horizon Co. has a 52 week low of $13.72 and a 52 week high of $22.44. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

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 analysts' consensus estimates 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 period in the previous year, the firm earned $0.32 earnings per share. Equities analysts forecast that First Horizon Co. will post 1.64 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared 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. This represents a $0.60 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

First Horizon declared that its Board of Directors has approved a stock buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FHN. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a report on Friday, January 17th. Evercore ISI boosted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Wednesday, December 11th. Stephens restated an "overweight" rating and set a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Finally, Barclays lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, December 20th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, First Horizon has an average rating of "Moderate Buy" and a consensus price target of $22.04.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company's stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by insiders.

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.