Quest Partners LLC Acquires 92,106 Shares of First Horizon Co. (NYSE:FHN)

Quest Partners LLC grew its stake in First Horizon Co. (NYSE:FHN - Free Report) by 133.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,046 shares of the financial services provider's stock after purchasing an additional 92,106 shares during the quarter. Quest Partners LLC's holdings in First Horizon were worth $2,501,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. AMG National Trust Bank lifted its position in First Horizon by 106.0% during the third quarter. AMG National Trust Bank now owns 91,620 shares of the financial services provider's stock worth $1,423,000 after acquiring an additional 47,152 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of First Horizon by 106.5% during the third quarter. Thrivent Financial for Lutherans now owns 622,481 shares of the financial services provider's stock worth $9,668,000 after purchasing an additional 321,098 shares during the period. CIBC Asset Management Inc lifted its holdings in 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. Curi RMB Capital LLC boosted its position in shares of First Horizon by 2.6% in the third quarter. Curi RMB Capital LLC now owns 400,000 shares of the financial services provider's stock valued at $6,212,000 after acquiring an additional 10,000 shares during the period. Finally, KBC Group NV boosted its holdings in First Horizon by 240.5% in the 3rd quarter. KBC Group NV now owns 47,724 shares of the financial services provider's stock valued at $741,000 after purchasing an additional 33,708 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company'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 value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Trading Down 0.0 %

FHN stock traded down $0.01 during mid-day trading on Monday, reaching $20.35. The company's stock had a trading volume of 1,806,618 shares, compared to its average volume of 6,628,283. The company has a market cap of $10.79 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 1.52 and a beta of 0.86. First Horizon Co. has a 12 month low of $11.87 and a 12 month high of $20.53. The business's 50 day moving average price is $16.85 and its 200 day moving average price is $16.11. 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 (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the business posted $0.27 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon declared that its board has approved a stock buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.95%. First Horizon's dividend payout ratio is currently 43.48%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FHN. Wedbush cut First Horizon from an "outperform" rating to a "neutral" rating and cut their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Stephens increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Barclays raised 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. Raymond James upped their price objective 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. Finally, Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.38.

About First Horizon

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.