Point72 DIFC Ltd Makes New $624,000 Investment in First Horizon Co. (NYSE:FHN)

Point72 DIFC Ltd acquired a new position in First Horizon Co. (NYSE:FHN - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,166 shares of the financial services provider's stock, valued at approximately $624,000.

A number of other large investors have also recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new stake in shares of First Horizon during the 3rd quarter worth about $39,242,000. Harmony Asset Management LLC grew its holdings in First Horizon by 5.9% during the third quarter. Harmony Asset Management LLC now owns 81,020 shares of the financial services provider's stock valued at $1,258,000 after purchasing an additional 4,510 shares during the last quarter. Paloma Partners Management Co bought a new position in shares of First Horizon in the third quarter valued at approximately $398,000. Point72 Hong Kong Ltd acquired a new stake in shares of First Horizon in the third quarter worth $203,000. Finally, True Wealth Design LLC bought a new stake in shares of First Horizon during the 3rd quarter worth $36,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.09 during midday trading on Friday, reaching $20.69. 5,772,726 shares of the company's stock were exchanged, compared to its average volume of 6,527,728. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company's 50 day simple moving average is $18.27 and its two-hundred day simple moving average is $16.58. First Horizon Co. has a 12 month low of $12.95 and a 12 month high of $21.72. The firm has a market capitalization of $10.97 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $821.63 million. During the same quarter last year, the company earned $0.27 earnings per share. Equities research analysts expect that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.90%. First Horizon's payout ratio is presently 43.48%.

First Horizon announced that its Board of Directors has approved a stock buyback plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FHN shares. Royal Bank of Canada upped their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Stephens raised 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. JPMorgan Chase & Co. dropped their price target on First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 9th. Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. Finally, Raymond James boosted their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.46.

Insider Activity

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business's 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 completion of 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

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.