Ritholtz Wealth Management Makes New Investment in First Horizon Co. (NYSE:FHN)

Ritholtz Wealth Management purchased a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 17,497 shares of the financial services provider's stock, valued at approximately $352,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp grew its holdings in shares of First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock valued at $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Millennium Management LLC grew its holdings in First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock worth $226,626,000 after buying an additional 4,558,129 shares in the last quarter. Sculptor Capital LP raised its position in First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider's stock valued at $160,854,000 after buying an additional 1,570,000 shares during the last quarter. Geode Capital Management LLC boosted its holdings in First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider's stock worth $145,194,000 after acquiring an additional 61,397 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of First Horizon by 38.8% in the 2nd quarter. AQR Capital Management LLC now owns 5,015,941 shares of the financial services provider's stock worth $76,644,000 after acquiring an additional 1,402,436 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

Insiders Place Their Bets

In other news, 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 transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now directly 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 position. The transaction 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 dated Tuesday, November 12th. The stock was 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 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 disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

First Horizon Stock Performance

Shares of First Horizon stock traded down $0.40 during trading hours on Wednesday, reaching $21.02. The company had a trading volume of 6,948,086 shares, compared to its average volume of 5,917,260. The firm has a market cap of $11.14 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. First Horizon Co. has a one year low of $13.45 and a one year high of $21.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The business has a fifty day simple moving average of $20.49 and a 200 day simple moving average of $17.79.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the company posted $0.32 earnings per share. On average, analysts anticipate that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

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

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon's payout ratio is 44.12%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of First Horizon from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. JPMorgan Chase & Co. upped their target price on First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a report on Friday, January 17th. Bank of America increased their price target on First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Raymond James upped their price objective on First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.04.

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.