Quest Partners LLC Acquires 92,106 Shares of First Horizon Co. (NYSE:FHN)

Quest Partners LLC raised its holdings in First Horizon Co. (NYSE:FHN) by 133.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 161,046 shares of the financial services provider’s stock after buying an additional 92,106 shares during the period. Quest Partners LLC’s holdings in First Horizon were worth $2,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. raised its holdings 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 last quarter. Family Firm Inc. purchased a new stake in First Horizon during the second quarter worth about $28,000. Nemes Rush Group LLC increased its holdings in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. purchased a new stake in First Horizon during the second quarter worth about $31,000. Finally, Covestor Ltd increased its holdings in First Horizon by 44.0% during the third 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. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s 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 approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the subject of a number of research analyst reports. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Barclays lifted their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Evercore ISI lifted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $18.38.

First Horizon Trading Up 1.0 %

FHN stock opened at $20.36 on Monday. The company has a market capitalization of $10.79 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 1.52 and a beta of 0.86. First Horizon Co. has a one year low of $11.87 and a one year high of $20.53. The company’s 50 day moving average price is $16.85 and its two-hundred day moving average price is $16.11. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s payout ratio is currently 43.48%.

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.