Maverick Capital Ltd. Makes New $1.06 Million Investment in First Horizon Co. (NYSE:FHN)

Maverick Capital Ltd. purchased a new position in First Horizon Co. (NYSE:FHN - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 68,444 shares of the financial services provider's stock, valued at approximately $1,063,000.

A number of other institutional investors also recently modified their holdings of the company. Citigroup Inc. boosted its position in First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock valued at $14,724,000 after acquiring an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of First Horizon by 13.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock valued at $13,482,000 after purchasing an additional 100,359 shares in the last quarter. Greenwood Capital Associates LLC grew its stake in First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock worth $7,229,000 after purchasing an additional 42,793 shares during the period. Allen Capital Group LLC lifted its stake in First Horizon by 128.4% in the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after buying an additional 29,581 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of First Horizon by 127.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider's stock worth $1,644,000 after buying an additional 59,258 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The shares were 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 directly owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction that occurred 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 sale, the director now owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.04 during trading on Friday, hitting $21.13. 1,978,918 shares of the company's stock traded hands, compared to its average volume of 6,590,941. The business has a 50-day simple moving average of $17.85 and a 200-day simple moving average of $16.45. First Horizon Co. has a 1 year low of $12.40 and a 1 year high of $21.72. The stock has a market capitalization of $11.20 billion, a P/E ratio of 15.31, a PEG ratio of 1.58 and a beta of 0.86. 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 released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates 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 in the previous year, the company posted $0.27 earnings per share. As a group, analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Friday, December 13th. First Horizon's dividend payout ratio (DPR) is currently 43.48%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FHN shares. The Goldman Sachs Group lifted their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Royal Bank of Canada boosted their price objective on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Seven equities 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.com, First Horizon presently has an average rating of "Moderate Buy" and an average target price of $18.71.

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.