Ontario Teachers Pension Plan Board Acquires Shares of 28,917 First Horizon Co. (NYSE:FHN)

Ontario Teachers Pension Plan Board purchased a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 28,917 shares of the financial services provider's stock, valued at approximately $449,000.

Several other institutional investors have also modified their holdings of the stock. CIBC Asset Management Inc increased its position 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 last quarter. Covestor Ltd lifted 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 buying an additional 651 shares during the last quarter. Access Investment Management LLC lifted its stake in First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider's stock valued at $1,382,000 after buying an additional 715 shares during the last quarter. Simplicity Wealth LLC lifted its stake in First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider's stock valued at $462,000 after buying an additional 786 shares during the last quarter. Finally, KMG Fiduciary Partners LLC raised its stake in shares of First Horizon by 0.6% during the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider's stock worth $2,333,000 after purchasing an additional 952 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 3.8 %

Shares of FHN stock traded up $0.76 during trading hours on Friday, reaching $20.93. The company had a trading volume of 6,923,728 shares, compared to its average volume of 6,611,490. The company has a 50 day moving average of $17.22 and a 200 day moving average of $16.23. 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 firm has a market cap of $11.10 billion, a price-to-earnings ratio of 14.62, a P/E/G ratio of 1.50 and a beta of 0.86. First Horizon Co. has a 1-year low of $11.87 and a 1-year high of $21.01.

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 (EPS) 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 analysts' expectations 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 prior year, the company earned $0.27 EPS. On average, equities research analysts anticipate that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.87%. First Horizon's dividend payout ratio (DPR) is presently 43.48%.

First Horizon announced that its board has authorized a stock buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of recent analyst reports. Royal Bank of Canada upped their price objective on First Horizon from $19.00 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Raymond James upped their price objective on First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Wedbush downgraded First Horizon from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Barclays increased their target price on First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Finally, Evercore ISI raised 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. Six investment 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 presently has an average rating of "Moderate Buy" and a consensus price target of $18.38.

Insider Transactions at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the firm'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 sale, the executive vice president now owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Company 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.