Access Investment Management LLC Buys 675 Shares of First Horizon Co. (NYSE:FHN)

Access Investment Management LLC raised its holdings in shares of First Horizon Co. (NYSE:FHN) by 0.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,490 shares of the financial services provider’s stock after purchasing an additional 675 shares during the period. Access Investment Management LLC’s holdings in First Horizon were worth $1,782,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FHN. Versant Capital Management Inc raised its position in First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. Kentucky Trust Co bought a new position in First Horizon during the 4th quarter valued at approximately $32,000. Covestor Ltd raised 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 valued at $34,000 after purchasing an additional 651 shares during the last quarter. True Wealth Design LLC bought a new position in First Horizon during the 3rd quarter valued at approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on FHN shares. JPMorgan Chase & Co. upped their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Bank of America upped their target price on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Royal Bank of Canada upped their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. The Goldman Sachs Group upped their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, UBS Group started coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.04.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by insiders.

First Horizon Stock Performance

First Horizon stock opened at $20.85 on Friday. 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 market capitalization of $11.05 billion, a P/E ratio of 15.33, a PEG ratio of 1.19 and a beta of 0.92. The stock’s 50 day moving average is $21.04 and its 200 day moving average is $18.67. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 2.88%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

First Horizon declared that its board has initiated a stock repurchase plan 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 repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.