BankPlus Trust Department Buys Shares of 3,457 First Horizon Co. (NYSE:FHN)

BankPlus Trust Department bought a new stake in shares of First Horizon Co. (NYSE:FHN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,457 shares of the financial services provider’s stock, valued at approximately $70,000.

Several other hedge funds and other institutional investors have also bought and sold shares of FHN. Versant Capital Management Inc lifted its stake 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 acquiring an additional 884 shares during the period. Kentucky Trust Co bought a new position in First Horizon during the 4th quarter valued at about $32,000. Covestor Ltd lifted its stake 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 acquiring an additional 651 shares during the period. True Wealth Design LLC bought a new position in shares of First Horizon in the 3rd quarter worth approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of 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 worth $52,000 after purchasing an additional 2,000 shares during the period. Institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction 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 directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by insiders.

First Horizon Price Performance

NYSE FHN opened at $20.66 on Tuesday. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.19 and a beta of 0.92. The company’s 50 day moving average is $21.05 and its two-hundred day moving average is $18.74. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the company posted $0.32 earnings per share. As a group, research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon declared that its board has authorized a share repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is currently 44.12%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Stephens reiterated an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a research note on Friday, January 17th. Wells Fargo & Company increased their price objective on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Bank of America increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, UBS Group assumed coverage on shares of First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.