First Horizon Co. (NYSE:FHN) Stake Increased by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC increased its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 10.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 465,513 shares of the financial services provider's stock after acquiring an additional 42,793 shares during the quarter. Greenwood Capital Associates LLC owned approximately 0.09% of First Horizon worth $7,229,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. raised its stake in First Horizon by 24.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,400 shares of the financial services provider's stock valued at $514,000 after buying an additional 6,500 shares in the last quarter. First Trust Direct Indexing L.P. raised its stake in First Horizon by 6.5% during the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider's stock valued at $194,000 after buying an additional 765 shares in the last quarter. Norden Group LLC acquired a new stake in First Horizon during the first quarter valued at approximately $744,000. Mirae Asset Global Investments Co. Ltd. raised its stake in First Horizon by 48.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,595 shares of the financial services provider's stock valued at $1,796,000 after buying an additional 38,295 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in First Horizon during the first quarter valued at approximately $448,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wedbush cut First Horizon from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. StockNews.com raised First Horizon from a "sell" rating to a "hold" rating in a report on Saturday, July 20th. Stephens upped 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. Barclays upped 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. Finally, Royal Bank of Canada upped their target price on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $17.92.

First Horizon Stock Performance

FHN stock traded up $0.28 on Tuesday, reaching $17.27. The company's stock had a trading volume of 3,480,913 shares, compared to its average volume of 6,531,179. First Horizon Co. has a 52 week low of $10.96 and a 52 week high of $17.93. The company has a market capitalization of $9.25 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86. The firm has a fifty day moving average of $16.22 and a two-hundred day moving average of $15.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95.

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

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.47%. First Horizon's dividend payout ratio (DPR) is 43.48%.

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

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.