5,955 Shares in First Horizon Co. (NYSE:FHN) Purchased by Brooklyn Investment Group

Brooklyn Investment Group bought a new stake in shares of First Horizon Co. (NYSE:FHN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 5,955 shares of the financial services provider’s stock, valued at approximately $92,000.

Other institutional investors also recently made changes to their positions in the company. UMB Bank n.a. boosted its position in shares of First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new stake in shares of First Horizon during the second quarter worth $28,000. Nemes Rush Group LLC increased its stake in First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. purchased a new position in shares of First Horizon in the second quarter worth approximately $31,000. Finally, Covestor Ltd grew its position in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

First Horizon stock opened at $21.09 on Friday. 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 company has a market capitalization of $11.18 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.60 and a beta of 0.86. The stock’s 50 day moving average is $17.65 and its 200-day moving average is $16.38. First Horizon Co. has a 12 month low of $11.87 and a 12 month high of $21.72.

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

First Horizon announced that its Board of Directors has initiated a share buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 owns 519,926 shares in the company, valued at $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.

Analyst Ratings Changes

A number of research analysts recently commented on FHN shares. Stephens boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Evercore ISI boosted their target price 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. Barclays raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, The Goldman Sachs Group boosted their price objective on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.71.

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.