First Horizon Co. (NYSE:FHN) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its position in First Horizon Co. (NYSE:FHN) by 26.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,131,162 shares of the financial services provider’s stock after purchasing an additional 7,715,191 shares during the period. Bank of New York Mellon Corp owned about 7.00% of First Horizon worth $747,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of First Horizon by 160.1% in 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 in the last quarter. Kentucky Trust Co acquired a new position in shares of First Horizon during the 4th quarter worth approximately $32,000. Covestor Ltd lifted its position 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 valued at $34,000 after buying an additional 651 shares in the last quarter. True Wealth Design LLC purchased a new position in shares of First Horizon during the 3rd quarter valued at approximately $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 acquiring an additional 2,000 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $20.71 on Wednesday. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44. The firm has a market capitalization of $10.98 billion, a P/E ratio of 15.22, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The stock’s fifty day moving average is $21.06 and its two-hundred day moving average is $18.78. 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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 previous year, the business posted $0.32 EPS. On average, research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current year.

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

First Horizon Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Royal Bank of Canada upped their price target 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. The Goldman Sachs Group lifted their price objective on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Raymond James raised their target price on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $22.04.

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.