Radnor Capital Management LLC Takes $587,000 Position in First Horizon Co. (NYSE:FHN)

Radnor Capital Management LLC purchased a new position in First Horizon Co. (NYSE:FHN - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,800 shares of the financial services provider's stock, valued at approximately $587,000.

A number of other hedge funds also recently made changes to their positions in FHN. Access Investment Management LLC lifted its holdings in First Horizon by 0.8% during 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 purchasing an additional 715 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in First Horizon by 6.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider's stock worth $194,000 after buying an additional 765 shares during the period. Simplicity Wealth LLC boosted its holdings in First Horizon by 2.8% in 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 during the period. KMG Fiduciary Partners LLC boosted its holdings in First Horizon by 0.6% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider's stock worth $2,333,000 after buying an additional 952 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in First Horizon by 7.5% in the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider's stock worth $249,000 after buying an additional 1,094 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Down 1.4 %

FHN stock traded down $0.29 during mid-day trading on Thursday, reaching $19.81. 4,269,682 shares of the stock traded hands, compared to its average volume of 6,591,251. First Horizon Co. has a one year low of $10.96 and a one year high of $20.11. The stock has a market capitalization of $10.62 billion, a PE ratio of 14.56, a PEG ratio of 1.27 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The business has a 50-day moving average price of $16.31 and a two-hundred day moving average price of $15.85.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during 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 quarter in the previous year, the business earned $0.27 earnings per share. Equities research analysts expect that First Horizon Co. will post 1.48 EPS for the current year.

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

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid 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 dividend yield of 3.03%. First Horizon's dividend payout ratio is 43.48%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FHN shares. Barclays upped their target price on shares of First Horizon from $19.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Stephens upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Wedbush downgraded shares of First Horizon from an "outperform" rating to a "neutral" rating and dropped their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Evercore ISI increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $17.92.

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.