Factorial Partners LLC Purchases 11,500 Shares of First Horizon Co. (NYSE:FHN)

Factorial Partners LLC grew its holdings in First Horizon Co. (NYSE:FHN) by 6.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 177,500 shares of the financial services provider’s stock after acquiring an additional 11,500 shares during the quarter. Factorial Partners LLC’s holdings in First Horizon were worth $2,757,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FHN. CIBC Asset Management Inc raised its stake in First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after purchasing an additional 559 shares in the last quarter. Covestor Ltd raised its position in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. Access Investment Management LLC boosted its holdings in First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after acquiring an additional 715 shares during the last quarter. Simplicity Wealth LLC raised its position in shares of First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after acquiring an additional 786 shares in the last quarter. Finally, KMG Fiduciary Partners LLC boosted its holdings in shares of First Horizon by 0.6% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after buying an additional 952 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’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 transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

First Horizon Trading Down 0.8 %

NYSE:FHN opened at $20.12 on Wednesday. First Horizon Co. has a 1 year low of $11.87 and a 1 year high of $20.53. The stock’s fifty day moving average price is $17.03 and its two-hundred day moving average price is $16.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $10.66 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.52 and a beta of 0.86.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the prior year, the firm posted $0.27 EPS. As a group, analysts expect that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon declared that its Board of Directors has approved a stock buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.98%. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays raised their target price on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Raymond James increased their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research report on Thursday, October 17th. Royal Bank of Canada boosted their price target on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Stephens increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.38.

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.