True Wealth Design LLC Invests $36,000 in First Horizon Co. (NYSE:FHN)

True Wealth Design LLC purchased a new position in shares of First Horizon Co. (NYSE:FHN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,308 shares of the financial services provider’s stock, valued at approximately $36,000.

A number of other large investors also recently bought and sold shares of the business. Millennium Management LLC lifted its position in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in First Horizon in the 2nd quarter valued at about $66,779,000. Bank of New York Mellon Corp boosted its position in First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP grew its stake in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Finally, Sculptor Capital LP increased its position in shares of First Horizon by 18.2% during the second quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after acquiring an additional 1,570,000 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FHN shares. Royal Bank of Canada boosted their price target on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Barclays raised their target price on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Stephens lifted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, 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. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.08.

Insider Buying and Selling

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

First Horizon Trading Up 0.2 %

Shares of NYSE:FHN opened at $21.13 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $11.20 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.58 and a beta of 0.86. The business’s 50-day moving average is $17.85 and its 200 day moving average is $16.45. First Horizon Co. has a 1 year low of $12.40 and a 1 year high of $21.72.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the business earned $0.27 EPS. On average, research analysts predict that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Company 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.