Paloma Partners Management Co Invests $398,000 in First Horizon Co. (NYSE:FHN)

Paloma Partners Management Co acquired a new position in First Horizon Co. (NYSE:FHN - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 25,608 shares of the financial services provider's stock, valued at approximately $398,000.

Several other large investors also recently bought and sold shares of FHN. CIBC Asset Management Inc grew its position in First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider's stock valued at $254,000 after acquiring an additional 559 shares during the last quarter. Covestor Ltd grew its position in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 651 shares during the last quarter. Access Investment Management LLC grew its position in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider's stock worth $1,382,000 after buying an additional 715 shares in the last quarter. CreativeOne Wealth LLC grew its position in shares of First Horizon by 7.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider's stock worth $181,000 after buying an additional 773 shares in the last quarter. Finally, Simplicity Wealth LLC grew its position in shares of First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider's stock worth $462,000 after buying an additional 786 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. The Goldman Sachs Group increased their price target on First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Wells Fargo & Company upped their price objective on First Horizon from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Wedbush cut First Horizon from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and a consensus price target of $19.46.

First Horizon Price Performance

FHN traded down $0.09 during trading on Thursday, hitting $20.60. The company's stock had a trading volume of 6,201,190 shares, compared to its average volume of 6,530,718. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a twelve month low of $12.95 and a twelve month high of $21.72. The business's fifty day simple moving average is $18.17 and its 200 day simple moving average is $16.55. The firm has a market capitalization of $10.92 billion, a price-to-earnings ratio of 15.00, a P/E/G ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly 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 for 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 period in the previous year, the company posted $0.27 earnings per share. On average, equities research analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon declared that its board has approved a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is 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 given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.91%. First Horizon's payout ratio is 43.48%.

First Horizon Company 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.