Intech Investment Management LLC Purchases 194,541 Shares of First Horizon Co. (NYSE:FHN)

Intech Investment Management LLC boosted its position in shares of First Horizon Co. (NYSE:FHN) by 86.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 420,749 shares of the financial services provider’s stock after buying an additional 194,541 shares during the quarter. Intech Investment Management LLC owned approximately 0.08% of First Horizon worth $6,534,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in First Horizon by 13.6% in the 2nd 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 buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP lifted its stake in 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 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 valued at $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. LSV Asset Management increased its position in First Horizon by 5.2% during the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after purchasing an additional 692,100 shares during the period. Finally, Sculptor Capital LP raised its holdings in First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after purchasing an additional 1,570,000 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Insider Transactions at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the 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 transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $20.93 on Friday. The company has a market capitalization of $11.10 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. First Horizon Co. has a twelve month low of $11.87 and a twelve month high of $21.01. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $17.32 and a 200 day moving average of $16.26.

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

First Horizon announced that its board has approved a stock buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is presently 43.48%.

Wall Street Analyst Weigh In

FHN has been the topic of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Barclays upped their target price on First Horizon from $21.00 to $23.00 and gave the stock 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 company an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Finally, Stephens raised their price objective on 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 issued a buy rating to the company. According to MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus 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.