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

Bank of New York Mellon Corp grew its position in shares of First Horizon Co. (NYSE:FHN) by 26.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 approximately 0.07% of First Horizon worth $747,822,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FHN. Versant Capital Management Inc raised its holdings 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 buying an additional 884 shares during the period. Kentucky Trust Co acquired a new position in First Horizon in the 4th quarter valued at about $32,000. Covestor Ltd increased its stake in 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 during the period. True Wealth Design LLC acquired a new stake in shares of First Horizon during the third quarter worth about $36,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of First Horizon by 335.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,000 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the 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 completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This 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 can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

First Horizon Stock Up 0.2 %

FHN stock opened at $20.71 on Wednesday. The stock has a market cap of $10.98 billion, a P/E ratio of 15.22, a PEG 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 Co. has a twelve month low of $13.72 and a twelve month high of $22.44. The company’s 50 day moving average is $21.06 and its two-hundred day moving average is $18.78.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping 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 last year, the company posted $0.32 EPS. Research analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a share 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 stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

FHN has been the topic of several recent research reports. Barclays upped their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Bank of America upped their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. 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. Finally, UBS Group assumed coverage on First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.