Point72 Asset Management L.P. Buys New Stake in First Horizon Co. (NYSE:FHN)

Point72 Asset Management L.P. bought a new stake in shares of First Horizon Co. (NYSE:FHN - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,526,879 shares of the financial services provider's stock, valued at approximately $39,242,000. Point72 Asset Management L.P. owned about 0.48% of First Horizon at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FHN. UMB Bank n.a. raised its holdings in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after purchasing an additional 1,325 shares during the period. Family Firm Inc. bought a new position in First Horizon in the 2nd quarter worth $28,000. Nemes Rush Group LLC raised its holdings in First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock worth $29,000 after purchasing an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. bought a new position in First Horizon in the 2nd quarter worth $31,000. Finally, Covestor Ltd raised its holdings in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after purchasing an additional 651 shares during the period. 80.28% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business's stock in a transaction 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 directly owns 166,840 shares of the company's stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction 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 sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

First Horizon Stock Down 0.4 %

NYSE FHN traded down $0.08 on Thursday, hitting $20.61. The stock had a trading volume of 6,201,190 shares, compared to its average volume of 6,530,718. The business's fifty day moving average price is $18.17 and its 200 day moving average price is $16.55. 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 Co. has a 52-week low of $12.95 and a 52-week high of $21.72. The stock has a market cap of $10.93 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

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, topping the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the company earned $0.27 earnings per share. Equities research analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently disclosed 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio (DPR) is presently 43.48%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company increased their price target on First Horizon from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. 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 note on Tuesday, November 26th. Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and cut their price target for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, Raymond James increased their price target on First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $19.46.

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.