AMG National Trust Bank Has $1.42 Million Stake in First Horizon Co. (NYSE:FHN)

AMG National Trust Bank grew its stake in shares of First Horizon Co. (NYSE:FHN) by 106.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 91,620 shares of the financial services provider’s stock after buying an additional 47,152 shares during the period. AMG National Trust Bank’s holdings in First Horizon were worth $1,423,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC raised its holdings in First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after acquiring an additional 100,359 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of First Horizon by 286.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock valued at $1,012,000 after purchasing an additional 48,720 shares in the last quarter. Greenwood Capital Associates LLC lifted its position in First Horizon by 10.1% in the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after purchasing an additional 42,793 shares during the period. Harbor Capital Advisors Inc. boosted its stake in First Horizon by 127.1% during the third quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock worth $1,644,000 after buying an additional 59,258 shares in the last quarter. Finally, Entropy Technologies LP bought a new stake in First Horizon in the 3rd quarter valued at $2,669,000. Institutional investors own 80.28% of the company’s stock.

Insider Activity

In related news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction 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 represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $20.30 on Tuesday. The business has a fifty day moving average of $16.94 and a 200-day moving average of $16.14. The firm has a market cap of $10.76 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.52 and a beta of 0.86. 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 Co. has a twelve month low of $11.87 and a twelve month high of $20.53.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share 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 the consensus estimate of $821.63 million. During the same period in the previous year, the firm posted $0.27 earnings per share. On average, equities research analysts predict that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon announced that its board has approved a share repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The company 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 $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.96%. First Horizon’s payout ratio is 43.48%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FHN. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Barclays lifted their price objective on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Royal Bank of Canada raised their target price on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Evercore ISI upped their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Raymond James lifted their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.38.

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.