Algert Global LLC Buys 89,783 Shares of First Horizon Co. (NYSE:FHN)

Algert Global LLC lifted its stake in First Horizon Co. (NYSE:FHN) by 20.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 534,182 shares of the financial services provider’s stock after acquiring an additional 89,783 shares during the period. Algert Global LLC owned approximately 0.10% of First Horizon worth $8,296,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of First Horizon by 13.6% in the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of First Horizon by 28.8% in the second 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 during the period. Millennium Management LLC boosted its holdings in shares of First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after acquiring an additional 4,558,129 shares during the period. LSV Asset Management boosted its holdings in shares of First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after acquiring an additional 692,100 shares during the period. Finally, Sculptor Capital LP boosted its holdings in shares of First Horizon by 18.2% in 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. 80.28% of the stock is owned by institutional investors.

First Horizon Trading Up 3.8 %

NYSE FHN opened at $20.93 on Friday. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 1.51 and a beta of 0.86. The stock’s 50-day simple moving average is $17.32 and its two-hundred day simple moving average is $16.27. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a twelve month low of $11.87 and a twelve month high of $21.01.

First Horizon (NYSE:FHN) last released its quarterly earnings data 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. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the business earned $0.27 earnings per share. Research analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

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 $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.87%. First Horizon’s dividend payout ratio is currently 43.48%.

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

Analysts Set New Price Targets

FHN has been the topic of a number of recent analyst reports. Raymond James increased their price objective on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada increased their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lowered their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Stephens increased their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $18.38.

Insider Transactions at First Horizon

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

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.