Lester Murray Antman dba SimplyRich Raises Stock Position in First Horizon Co. (NYSE:FHN)

Lester Murray Antman dba SimplyRich lifted its stake in First Horizon Co. (NYSE:FHN) by 8.0% in the 4th quarter, HoldingsChannel reports. The firm owned 14,254 shares of the financial services provider’s stock after buying an additional 1,051 shares during the quarter. Lester Murray Antman dba SimplyRich’s holdings in First Horizon were worth $287,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Cetera Investment Advisers lifted its stake in shares of First Horizon by 79.7% in the 2nd quarter. Cetera Investment Advisers now owns 105,574 shares of the financial services provider’s stock valued at $1,665,000 after purchasing an additional 46,812 shares during the period. Sanctuary Advisors LLC purchased a new position in First Horizon during the second quarter valued at $312,000. CWM LLC lifted its position in First Horizon by 70.6% during the third quarter. CWM LLC now owns 99,157 shares of the financial services provider’s stock valued at $1,540,000 after buying an additional 41,050 shares during the period. UMB Bank n.a. boosted its holdings 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 buying an additional 1,325 shares in the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of First Horizon by 18.4% during the 3rd quarter. Inspire Investing LLC now owns 26,446 shares of the financial services provider’s stock valued at $411,000 after buying an additional 4,101 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $22.43 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $20.81 and a 200-day moving average price of $18.35. First Horizon Co. has a 52 week low of $13.57 and a 52 week high of $22.44. The firm has a market capitalization of $11.89 billion, a PE ratio of 16.49, a P/E/G ratio of 1.26 and a beta of 0.92.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the firm posted $0.32 earnings per share. As a group, equities research analysts expect that First Horizon Co. will post 1.64 earnings per share for the current year.

First Horizon declared that its board has authorized a stock buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio is 44.12%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FHN shares. Wells Fargo & Company lifted 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. Evercore ISI boosted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Bank of America raised their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Finally, The Goldman Sachs Group raised their price target on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus target price 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.