Knights of Columbus Asset Advisors LLC Boosts Stake in First Horizon Corporation $FHN

Knights of Columbus Asset Advisors LLC lifted its holdings in shares of First Horizon Corporation (NYSE:FHN) by 44.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 283,450 shares of the financial services provider’s stock after purchasing an additional 87,417 shares during the quarter. Knights of Columbus Asset Advisors LLC’s holdings in First Horizon were worth $6,409,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the stock. SYM FINANCIAL Corp purchased a new position in shares of First Horizon during the 3rd quarter worth approximately $212,000. AE Wealth Management LLC increased its stake in First Horizon by 10.7% during the third quarter. AE Wealth Management LLC now owns 22,847 shares of the financial services provider’s stock worth $517,000 after purchasing an additional 2,200 shares during the period. Great Lakes Advisors LLC lifted its position in shares of First Horizon by 1,145.9% during the third quarter. Great Lakes Advisors LLC now owns 343,131 shares of the financial services provider’s stock worth $7,758,000 after purchasing an additional 315,590 shares in the last quarter. TD Waterhouse Canada Inc. boosted its stake in shares of First Horizon by 122.3% in the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 900 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of First Horizon by 57.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 635 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 0.8%

FHN stock opened at $24.40 on Friday. First Horizon Corporation has a one year low of $15.19 and a one year high of $25.21. The stock has a market capitalization of $12.01 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 0.91 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company has a fifty day moving average of $23.75 and a 200-day moving average of $22.60.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The firm had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. During the same period in the prior year, the company posted $0.43 earnings per share. As a group, analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its board has approved a stock repurchase program on Monday, October 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

First Horizon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.17 per share. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is currently 31.91%.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, January 16th. Evercore ISI reiterated an “in-line” rating and issued a $20.00 target price (down from $26.00) on shares of First Horizon in a report on Thursday, October 16th. Stephens upped their price target on First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Truist Financial set a $27.00 price target on First Horizon in a research report on Friday, January 9th. Finally, The Goldman Sachs Group set a $27.00 target price on shares of First Horizon and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.