L. Roy Papp & Associates LLP Makes New $905,000 Investment in First Horizon Co. (NYSE:FHN)

L. Roy Papp & Associates LLP acquired a new stake in First Horizon Co. (NYSE:FHN) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 44,913 shares of the financial services provider’s stock, valued at approximately $905,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Versant Capital Management Inc lifted its holdings 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. UMB Bank n.a. raised its position in shares of First Horizon by 365.0% in the third 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 during the period. Covestor Ltd lifted its stake in shares of 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 buying an additional 651 shares during the last quarter. True Wealth Design LLC bought a new stake in shares of First Horizon during the 3rd quarter worth about $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in First Horizon by 335.6% in 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 buying an additional 2,000 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

Shares of NYSE:FHN opened at $22.43 on Wednesday. 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 stock has a market capitalization of $11.89 billion, a PE ratio of 16.49, a PEG ratio of 1.26 and a beta of 0.92. The firm has a 50 day moving average of $20.81 and a 200-day moving average of $18.35. First Horizon Co. has a 12 month low of $13.57 and a 12 month high of $22.44.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate 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 in the prior year, the company earned $0.32 earnings per share. On average, equities research analysts predict that First Horizon Co. will post 1.64 EPS for the current fiscal year.

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

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 dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.68%. First Horizon’s dividend payout ratio is currently 44.12%.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.87% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on FHN. Royal Bank of Canada raised their price objective on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Stephens reissued an “overweight” rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Barclays upped their price objective on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Wells Fargo & Company lifted their target price on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.04.

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.