Sage Rhino Capital LLC Buys New Stake in First Horizon Co. (NYSE:FHN)

Sage Rhino Capital LLC purchased a new stake in First Horizon Co. (NYSE:FHN) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 9,999 shares of the financial services provider’s stock, valued at approximately $201,000.

Several other hedge funds also recently added to or reduced their stakes in FHN. Versant Capital Management Inc grew its stake in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in First Horizon in the fourth quarter valued at approximately $30,000. Kentucky Trust Co purchased a new stake in shares of First Horizon during the fourth quarter valued at approximately $32,000. Covestor Ltd lifted its position in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in shares of First Horizon in the third quarter valued at $36,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.87% of the stock is currently owned by insiders.

First Horizon Stock Performance

FHN stock opened at $20.89 on Tuesday. The stock’s 50 day simple moving average is $21.18 and its 200 day simple moving average is $18.95. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The firm has a market cap of $11.07 billion, a P/E ratio of 15.36, a P/E/G ratio of 1.19 and a beta of 0.92. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping 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 in the previous year, the business earned $0.32 EPS. As a group, equities research analysts predict that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. First Horizon’s dividend payout ratio is currently 44.12%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Stephens reaffirmed an “overweight” rating and set a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target on the stock. The Goldman Sachs Group raised their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Bank of America upped their target price on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.23.

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.