State Street Corp Boosts Stock Position in First Horizon Co. (NYSE:FHN)

State Street Corp boosted its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 18.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,236,784 shares of the financial services provider's stock after buying an additional 4,116,486 shares during the period. State Street Corp owned approximately 4.95% of First Horizon worth $410,789,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Tidal Investments LLC purchased a new stake in shares of First Horizon in the first quarter worth approximately $207,000. Cetera Advisors LLC grew its stake in shares of First Horizon by 54.6% in the 1st quarter. Cetera Advisors LLC now owns 28,590 shares of the financial services provider's stock worth $440,000 after acquiring an additional 10,103 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Horizon in the second quarter valued at about $4,599,000. Wedmont Private Capital lifted its position in shares of First Horizon by 10.4% during the second quarter. Wedmont Private Capital now owns 40,496 shares of the financial services provider's stock valued at $671,000 after purchasing an additional 3,816 shares in the last quarter. Finally, M&G Plc boosted its holdings in First Horizon by 12.4% during the second quarter. M&G Plc now owns 601,017 shares of the financial services provider's stock worth $9,616,000 after purchasing an additional 66,416 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on 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 directly owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the director now owns 166,840 shares of the company's stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

First Horizon Stock Performance

Shares of FHN stock traded up $0.06 during trading on Tuesday, reaching $20.17. 6,857,668 shares of the company's stock traded hands, compared to its average volume of 6,557,613. First Horizon Co. has a 1 year low of $12.95 and a 1 year high of $21.72. The company has a market capitalization of $10.69 billion, a P/E ratio of 14.71, a PEG ratio of 1.54 and a beta of 0.91. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm's 50-day moving average is $18.47 and its 200 day moving average is $16.65.

First Horizon (NYSE:FHN - Get Free Report) last posted 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. The firm 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 period last year, the company earned $0.27 earnings per share. Equities research analysts expect that First Horizon Co. will post 1.49 EPS for the current year.

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

First Horizon Announces Dividend

The company also recently declared 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. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Friday, December 13th. First Horizon's payout ratio is 43.48%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FHN shares. The Goldman Sachs Group boosted 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. Royal Bank of Canada upped their price objective on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. lowered their target price on First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 9th. Evercore ISI boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Finally, Raymond James raised their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.46.

First Horizon 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.